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April 12, 2023
Question

I closed a trust CD and immediately reinvested it in a higher yield account. The 1099 lists an early withdrawal penalty. Is the penalty deductable?

  • April 12, 2023
  • 1 reply
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Is earlly withdrawal penalty on a CD for a trust deductable?  If so, what line on the 1041?

1 reply

Employee
April 13, 2023

@larry11426 wrote:
Is earlly withdrawal penalty on a CD for a trust deductable?

Yes. 

 

 


@larry11426 wrote:
If so, what line on the 1041?

Line 15a.