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twelvefox81
April 14, 2024
Question

I had an early withdrawal penalty on my 1099-INT. I entered that information in Turbo Tax, but why does it still show the total interest income?

  • April 14, 2024
  • 1 reply
  • 0 views
I was told the early withdrawal penalty would be waived or deducted from the interest income. Is that true?

1 reply

D
DanaB27
April 14, 2024

Yes, the full interest will show as income on line 2b of Form 1040. But the early withdrawal penalty will reduce your income as an adjustments Schedule 1 on line 18. 

 

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