A measly $20 early withdrawal penalty is requiring upgrade to Deluxe?

Withdrew funds to pay for student loan. Do I need to upgrade to Deluxe, which will end up costing me over $100 rather than the measly $20 penalty? Is there a way to still file with the free version?

974

Level 15

Mar 15, 2024 1:31:23 PM

you don't have to deduct the penalty

Level 15

Mar 15, 2024 1:33:51 PM

@Mike9241 How would you eliminate the penalty on a 1099R?

Level 15

Mar 15, 2024 1:43:11 PM

Use this IRS site for other ways to file for free. There are 8 free software versions available from the IRS Free File site

https://apps.irs.gov/app/freeFile/

Level 3

Mar 15, 2024 1:45:36 PM

Okay, so to clarify. It is reported as a deduction that clearly would not benefit me. So I can just leave it blank and not report it? Then still file using the Free version?

Level 15

Mar 15, 2024 3:11:11 PM

Oh was it like a withdrawal from a CD? Is the amount in 1099INT box 2? Just leave box 2 blank.

Why sign in to the Community?

A measly $20 early withdrawal penalty is requiring upgrade to Deluxe?