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Question

Where do you input a penalty on early withdrawal of savings ? All of the 1099-int documents uploaded reflect zero on line 2.

Forum|Forum|1 year ago
March 3, 2025
2 replies
0 views

Total deductions including $32,300 married filing jointly and an additional $1148 for a penalty on early withdrawal of savings

it should be in box 2 of your 1099-int form as reported by your bank. enter it there and override the zero. is it on the form you received from the Bank? if not, why not?

Employee

You posted in the Retirement section of the forums. If your penalty is on an early distribution from a retirement account reported on Form 1099-R, that's not deductible.