Question

Early Withdrawal Penalty Not Showing on Form 8960 Line 10

Forum|Forum|2 years ago
March 18, 2024
1 reply
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Hello, I have an Early Withdrawal Penalty from a closed CD as reported in 1099-INT, Box 2. The penalty is showing on 1040 Schedule 1, Line 18, but is not showing on Form 8960, Line 10. Is there something special I need to do to make Form 8960 report correctly and/or is there a known issue?

Thank you

TurboTax Deluxe Online

B

Bsch4477

Employee

It’s only supposed to appear in Sch 1.

J

jdsiegel9Author

Thanks for the quick response. The IRS instructions for Form 8960 (line 7) say "Early withdrawal penalty (Schedule 1 (Form 1040), line 18) is reported on Form 8960, line 10". And when I entered my data into Free Tax USA as a double check, the early withdrawal penalty does show on Form 8960, Line 10. Is there some exception or other reason why the penalty amount would only show on Schedule 1? Thanks again for any insights.

CatinaT1

Are you subject to Net Investment Tax?

Do you have anything on Schedule 2 (Form 1040), line 12? If not, this would be irrelevant. That is where any amounts from form 8960 would be transferred to.

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