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When you enter the 1099-INT in TurboTax, check the box below box 1 that says "My form has info in more than just box 1." Then all the other boxes will appear on the screen, including box 2 for the early withdrawal penalty. When you enter it there, TurboTax will put the deduction on your tax return. It will appear on Schedule 1 line 30, and will be subtracted when your Adjusted Gross Income is calculated on Form 1040 line 7.
When you enter the 1099-INT in TurboTax, check the box below box 1 that says "My form has info in more than just box 1." Then all the other boxes will appear on the screen, including box 2 for the early withdrawal penalty. When you enter it there, TurboTax will put the deduction on your tax return. It will appear on Schedule 1 line 30, and will be subtracted when your Adjusted Gross Income is calculated on Form 1040 line 7.
Does that "adjustment" carry over to the state return?
Yes it does carry over to the state return to the extent that the state income tax is based on federal adjusted gross income.
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