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New Member
posted Jun 6, 2019 3:23:35 AM

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

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1 Best answer
Expert Alumni
Jun 6, 2019 3:23:37 AM

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)

1 Replies
Expert Alumni
Jun 6, 2019 3:23:37 AM

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)