, I cashed out a Coverdell Education account. I am both contributor and recipient of the funds. Where do I show or enter the 10% penalty ?

[mgarry3416]

You may not need to pay the 10% penalty based on your answers to questions.  As you go through the questions for the Coverdell Ed account.  there is one question is the payment a return of  principle.  Marked one way TT adds the 10% penalty, Marked another way no penalty.  

Follow the questions in the interview and TT will determine the penalty amount for your situation  

[KrisD15]

Enter the 1099-Q and answer the interview questions. Answer "NO' to "Was it used for education?"

The information on the 1099-Q will tell the TurboTax program how much tax to report.