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ELIZABETHKAY318
March 11, 2025
Question

Why does my overview show a penalty on early withdrawal of savings?

  • March 11, 2025
  • 1 reply
  • 0 views
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1 reply

V
Vanessa A
March 11, 2025

Form 1099-INT box 2, is for an early withdraw of savings.  So, if you are seeing this on your return, you either have an early withdraw penalty from the bank that you received the interest from or this is a typo.

 

If it is a typo, then you can go back and double check the entries making sure all the numbers are in the correct boxes. 

If it is not a typo, you would need to contact the bank that issued the 1099-INT to see why you have an early withdraw penalty. 

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