Early Withdrawal Penalty DeductionLine 33
By William Perez, About.com
If you withdrew money from a certificate of deposit or other time-deposit savings account prior to your certificate maturing, you may have incurred a penalty for early withdrawal. This penalty is charged by the bank and withheld directly from your proceeds from the certificate. The penalty is reported to you on Form 1099-INT, Box 2. Enter this figure on Line 33 of your Form 1040.
Explore Tax Planning: U.S.
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