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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 Schedule 1 (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 Federal. 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 New Copy of Form 1099-INT (Desktop users 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 Federal. 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 New Copy of Form 1099-OID (Desktop users 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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