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Early Withdrawal Penalty On Deposits


The Internal Revenue Code (IRC) allows the deduction of penalty incurred or paid for early withdrawal of certificate of deposit (CD) or other time-deposit savings account.  Penalty assessed as 10% additional tax for an early withdrawal from an IRA does not qualify as a penalty for withdrawal of savings and cannot be deducted as a penalty on early withdrawal of savings , to use it in your tax return, please click here.
 
 
Where do I report the Early Withdrawal Penalty?  The penalty amount is reported to you on Form 1099-INT, Box 2 and should be claimed on IRS form 1040 Line 33.
 
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