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L
luvmyfrankie
February 2, 2025
Question

My 1099INT shows penalty in box 2Not showing any Federal taxes withheld?

  • February 2, 2025
  • 1 reply
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    1 reply

    M
    MinhT1
    February 2, 2025

    Box 2 of form 1099-INT shows interest penalties you were charged for withdrawing money from an account before the maturity date.

     

    For the penalty amounts reported in box 2, you may be able to take a deduction on Schedule 1 of Form 1040 as an adjustment to income.

     

    Federal taxes withheld are reported in box 4.

     

    Please read this TurboTax article for more information.

     

     

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