Penalty on early withdrawal of savings

Withdrawal from a retirement account prior to the retirement age specified by the IRS may involve penalties. Enter this information on the
B&D
or
K1-3
window, depending on the source document.

B&D screen

  1. Select the
    Income
    folder and open the
    B&D window.
  2. Open the Interest income statement window.
  3. Enter the information from Form 1099-INT in the
    Early W/D Penalty
    column. This amount transfers to Form 1040, Schedule 1, line 17.

K1-3 screen

  1. In the
    K1 1065, 1120s
    folder, select the
    K1-3
    tab.
  2. Enter the amount in the
    Penalty for early withdrawal
    field. The amount transfers to Form 1040, Schedule 1, Line 17.
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