How do I enter 1099-Int, Box 2 - Early withdrawl penalty and get Turbo Tax to accept it?

Forum|Forum|4 years ago
March 21, 2022
1 reply
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Turbo Tax says very unusual to have info in boxes other than Box 1, but I have information in Box 2. Turbo Tax keeps telling me it needs 'Review".

TurboTax Deluxe Online

T

ThomasM125

Box 2 on a form 1099-Int represents a penalty on early withdrawal of savings which is allowed as a deduction from the interest income reported. You may have entered a penalty that was more than the interest income, which would not be allowed. Otherwise, I don't know why you are getting an error message. You can try deleting the form 1099-Int entry and re-entering it.

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