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Solved

Software error - Early Withdrawal Penalty listed on my 1040 Schedule 1, Line 18 but I didn't withdraw any funds

Forum|Forum|2 years ago
March 1, 2024
1 reply
0 views

I was reviewing my federal returns before eFiling, and noticed that on Line 18 of my 1040 Schedule 1, there is a value listed for "Penalty for early withdrawal of savings" which impacts my AGI by a significant amount.

I haven't withdrawn any funds from any retirement accounts or CDs and I have no 1099-Rs in my return.

I've deleted and re-added all of my forms multiple times, I've double checked under all of the subsections to income and additional tax payments and I don't have anything listing that I withdrew any funds. There's nothing anywhere in my info that matches the value on line 18.

I tried to clear everything and restart from scratch but TurboTax won't allow that after you've paid the filing fee.

I am incredibly frustrated and don't know how to correct this software error, would appreciate any help.

TurboTax Deluxe Online

Best answer by SteamTrain

You need to check any and all your 1099-INT forms.

That $$ amount is from box 2 on one (or more) of those 1099-INT forms...either a real entry there, or a mistaken entry in the wrong box.

SteamTrainAnswer

Employee

You need to check any and all your 1099-INT forms.

That $$ amount is from box 2 on one (or more) of those 1099-INT forms...either a real entry there, or a mistaken entry in the wrong box.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

sh321Author

This solved it - that value was added mistakenly in field 2 of a 1099-INT form.

Thank you!