1099-INT box 1 = 1167.10, box 2 = 835.62. Why does taxable interest not reflect the difference at 431.48

chchstrhuel · ‎June 6, 2019

IsabellaG · ‎June 6, 2019

Your total interest from Box 1 of your 1099-INT is reported in full on line 8a of your tax return (Form 1040). Your early withdrawal penalty is deducted on line 30 of your tax return. I entered the same figures as you in TurboTax. See the screenshots below, especially where this shows on your 1040.

To preview your tax return:

Go to My Account at the top of your screen.
Choose Tools.
In the Tools Center, choose View Tax Summary.(see screenshot)
In the Tax Summary, choose Preview My 1040. (see screenshot)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

IsabellaG · ‎June 6, 2019

Your total interest from Box 1 of your 1099-INT is reported in full on line 8a of your tax return (Form 1040). Your early withdrawal penalty is deducted on line 30 of your tax return. I entered the same figures as you in TurboTax. See the screenshots below, especially where this shows on your 1040.

To preview your tax return:

Go to My Account at the top of your screen.
Choose Tools.
In the Tools Center, choose View Tax Summary.(see screenshot)
In the Tax Summary, choose Preview My 1040. (see screenshot)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1099-INT box 1 = 1167.10, box 2 = 835.62. Why does taxable interest not reflect the difference at 431.48