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P
Pstater
February 18, 2023
Question

Where is early withdraw penalty from a CD credited against interest earned?

  • February 18, 2023
  • 2 replies
  • 0 views
No text available

2 replies

VolvoGirl
VolvoGirl
Employee
February 18, 2023

It is an adjustment to income.   2022 the CD early withdrawal penalty goes on Schedule 1 line 18 which goes to 1040 line 10.  Did you enter it from a 1099INT box 2?

D
DanaB27
February 18, 2023

You will enter it when you enter your interest:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-INT” 
  3. Click on “Jump to 1099-INT”
  4. Continue until you get to the "Let's get the info from your 1099-INT" screen and enter your interest received
  5. Click on "My form has info in other boxes (this is uncommon)."
  6. Enter early withdraw penalty in box 2.
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