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Question

Where do I enter the early withdrawal penalty for trust returns?

Answer

You can enter the early withdrawal penalty amount reported on Form 1099-INT in the following screens.

• Screen Income and Screen K1-2: Enter the early withdrawal penalty amount on Screen Income in the Interest income (including foreign source) statement or Screen K1-2 in the Penalty for early withdrawal field. The penalty amount will be allocated directly against the Interest income category on the Allocation of Expenses by Income Type Worksheets.
• Screen Deduct: Enter the early withdrawal penalty on Screen Deduct in the Other deductions field. The penalty amount may be allocated directly or indirectly to the income categories on the Allocation of Expenses by Income Types Worksheets.

Related topic: 1041-US: Expense allocation FAQs

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