CD withdrawn

[ar971709]

During 2021 I withdrew 2500 from my CD, am I required to report this as income for 2021 and if it is income I would then need to file? Also in regard to filing how would I file, using standard turbo tax?

[Bsch4477]

No, You do not report that as income. If you had an interest payment the bank should send you a 1099-INT. And if you had a premature withdrawal penalty that would be on the same form and would be an adjustment to your income. 

[Vanessa A]

Withdrawing money from a CD is not a taxable event.

The interest earned on your CD is taxable in the year the interest is received.  You likely received a 1099-INT every year that you would have reported in the year you received it.  There is no need to report anything this year for your withdraw.