https://ttlc.intuit.com/community/retirement/discussion/if-a-person-has-an-interest-income-of-5-826-but-paid-an-early-withdrawal-penalty-of-947-should-this/01/3510163#M236716 Tue, 03 Feb 2026 08:37:48 GMT azeem3 2026-02-03T08:37:48Z https://ttlc.intuit.com/community/retirement/discussion/if-a-person-has-an-interest-income-of-5-826-but-paid-an-early-withdrawal-penalty-of-947-should-this/01/3510163#M236716 Tue, 03 Feb 2026 08:37:48 GMT https://ttlc.intuit.com/community/retirement/discussion/if-a-person-has-an-interest-income-of-5-826-but-paid-an-early-withdrawal-penalty-of-947-should-this/01/3510163#M236716 azeem3 2026-02-03T08:37:48Z https://ttlc.intuit.com/community/retirement/discussion/re-if-a-person-has-an-interest-income-of-5-826-but-paid-an-early-withdrawal-penalty-of-947-sh/01/3523297#M237749 <P><SPAN style="font-size:14px;">Yes. When you enter the interest income on Form 1099-INT, check the box: '<I><STRONG>My form has info in more than one box 1</STRONG></I>'. Then enter the penalty in box 2.</SPAN></P> <P><IMG style="width:26.85%;" src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/fc4edb81-ec44-46e1-a1cc-182889096ff4.default.png" /></P> <P><SPAN style="font-size:14px;">The amount transfers to Form 1040, <STRONG>Schedule 1, Line 18 as adjustment to income</STRONG>.</SPAN></P> Thu, 27 Feb 2025 15:05:54 GMT https://ttlc.intuit.com/community/retirement/discussion/re-if-a-person-has-an-interest-income-of-5-826-but-paid-an-early-withdrawal-penalty-of-947-sh/01/3523297#M237749 MayaD 2025-02-27T15:05:54Z