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sh321
New Member

Software error - Early Withdrawal Penalty listed on my 1040 Schedule 1, Line 18 but I didn't withdraw any funds

I was reviewing my federal returns before eFiling, and noticed that on Line 18 of my 1040 Schedule 1, there is a value listed for "Penalty for early withdrawal of savings" which impacts my AGI by a significant amount.

I haven't withdrawn any funds from any retirement accounts or CDs and I have no 1099-Rs in my return.

I've deleted and re-added all of my forms multiple times, I've double checked under all of the subsections to income and additional tax payments and I don't have anything listing that I withdrew any funds. There's nothing anywhere in my info that matches the value on line 18.

I tried to clear everything and restart from scratch but TurboTax won't allow that after you've paid the filing fee.

I am incredibly frustrated and don't know how to correct this software error, would appreciate any help.

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1 Best answer

Accepted Solutions

Software error - Early Withdrawal Penalty listed on my 1040 Schedule 1, Line 18 but I didn't withdraw any funds

You need to check any and all your 1099-INT forms.

 

That $$ amount is from box 2 on one (or more) of those 1099-INT forms...either a real entry there, or a mistaken entry in the wrong box.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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2 Replies

Software error - Early Withdrawal Penalty listed on my 1040 Schedule 1, Line 18 but I didn't withdraw any funds

You need to check any and all your 1099-INT forms.

 

That $$ amount is from box 2 on one (or more) of those 1099-INT forms...either a real entry there, or a mistaken entry in the wrong box.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
sh321
New Member

Software error - Early Withdrawal Penalty listed on my 1040 Schedule 1, Line 18 but I didn't withdraw any funds

This solved it - that value was added mistakenly in field 2 of a 1099-INT form.

 

Thank you!

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