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COD Withdrawal penalty

Paradolia
Level 2

I'm working on a tax return for income tax class, and I have no idea where to input the interest penalty for early withdrawal of a Certificate of Deposit on the website. when I sent the form to my instructor, he said that it goes on line 10a. I know what the penalty is, I just don't know where to enter it.

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6 Replies 6
Just-Lisa-Now-
Level 15
Level 15

Assuming youre using ProSeries (since thats where you posted the question), its right on the same line where you enter the interest

earlywdpenint.png


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Paradolia
Level 2

It's the intuit series proconnect. I'm not sure if that helps, so here's a screenshot...Screenshot (294).png

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George4Tacks
Level 15

Talk with your instructor. This site is for paid professionals. Your Education portal is at https://www.intuit.com/partners/education-program/products/proconnect-tax-online/student-signup/

ProSeries is a completely different software. 


ex-AllStar
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Paradolia
Level 2

I did talk with my instructor, and he's not giving me the assistance I need, hence asking here. Thank you for responding though, with the the link I need for my version of the software. Your assistance is greatly appreciated.

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qbteachmt
Level 15

I found you another resource:

https://apps.irs.gov/app/vita/content/17s/17_03_010.jsp?level=basic

 

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qbteachmt
Level 15

Your screenshot is showing Clients. Your question has to do specifically with a 1040 for some specific client. It's like you are showing your front door and asking about the laundry room.

CD (certificate of Deposit) and COD (cancellation of debt) are different, so make sure you know what it is called, before using the web to find answers.

I googled:

can I deduct Form 1040 cd interest penalty

"If you’ve taken an early withdrawal and paid a penalty, that information will be included on the Form 1099-INT that you receive at tax time."

From: https://budgeting.thenest.com/can-cd-earlywithdrawal-penalties-claimed-taxes-24099.html

Here is the Help article for ProConnect, based on you should be using a 1099-Int:

https://proconnect.intuit.com/community/form-1099-int/help/entering-form-1099-int-interest-income-fo...

And don't overlook the Form 1040 instructions, especially for that Line and that form 1099-Int:

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

And that's how you avoid asking strangers on the internet, do your own research, find your own answers, to learn from the exercise.

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"Level Up" is a gaming function, not a real life function.
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