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The Form 1099-INT or Form 1099-OID you received will show the amount of any penalty you were charged. This information will automatically flow to Line 30 of Form 1040 after it is entered in the applicable section of the program. Use the following steps to enter Form 1099-INT or Form 1099-OID amounts, including any early withdrawal penalty.

Form 1099-INT

  1. From within your TaxAct® return (Online or Desktop) click on the Federal tab. On smaller devices, click in the upper left-hand corner, then select Federal.
  2. Click Investment Income to expand the category, then click Interest Income (Form 1099-INT)
  3. Click Add to create a new Form 1099-INT, or click Review to review a form already created
  4. Click Step-By-Step Guidance and continue to the screen titled Interest Income - 1099-INT Income to enter an early withdrawal penalty amount

Form 1099-OID

  1. From within your TaxAct return (Online or Desktop) click on the Federal tab. On smaller devices, click in the upper left-hand corner, then select Federal.
  2. Click Investment Income to expand the category, then click Original Issue Discount Interest (Form 1099-OID)
  3. Click Add to create a new Form 1099-OID, or click Review to review a form already created
  4. Continue to the screen titled OID Interest - Original Issue Discount to enter an early withdrawal penalty amount

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