?? Penalty for Early Withdrawal - online version

[user17710834768]

On my overview of refund shows "penalty on early withdrawal of savings" as part of my deductions.  I'm assuming this is actually my portion of the one time senior $6000 addition to the standard deduction as it's added.  Just a mislabeling on the online premier version.  

Anyone able to confirm?  Don't see an easy way to confirm with Intuit.

[VolvoGirl]

Early withdrawal of savings  penalty comes  from interest 1099 INT box 2.   The Senior Deduction is not part of your Standard Deduction.  It is separate.  Check your 1040 line 13b.

[DoninGA]

No, the additional deduction of $6,000 for seniors would not trigger a withdrawal penalty for savings.  The senior deduction is reported on the Form 1040 Line 13b.

You need to review the Form 1099-INT you entered and make sure that you did not enter an amount in box 2 of the form (assuming the box 2 was not used on the original 1099-INT)

To report interest income received -

Click on Federal Taxes (Personal using Home & Business)
Click on Wages and Income (Personal Income using Home & Business)
Click on I'll choose what I work on
Under Interest and Dividends
On Interest on 1099-INT, click on the start or update button

[user17710834768]

Yes, understand and I did recheck all my entries.  It is not listed as income.  It is included and added to the standard deduction amount (so listed as a deduction) - therefore I think it is just a mislabel in the online version.  Just wanted to check so see if anyone else noticed the issue before filing.  Will try to see if I can upload snapshot of that section

[VolvoGirl]

There's nothing wrong with that.  That is just a review and summary screen.  You are getting the Standard Deduction 17,750 on 1040 line 12e.  The savings penalty you get credit for it on  Schedule 1 line 18.  The Enhanced Senior Deduction is listed separately on 1040 line 13b.  

The withdrawal penalty was included in your 1099INT box 1 as income.  So you get a deduction for the penalty.  

[user17710834768]

Thanks - meant to add it was on the summary versus the actual forms to be submitted. - just called me to do a double take.  I don't think you can actually see/print the worksheets on the online version until you pay and file.

[VolvoGirl]

You can preview the 1040 and schedules.  Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...