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The Form 1099-INT Interest Income or Form 1099-OID Original Issue Discount you received will show the amount of any penalty you were charged. This information will automatically flow to Line 22 of Schedule 1 (Form 1040) Additional Income and Adjustments to Income after it is entered in the applicable section of the program.

To enter Form 1099-INT amounts, including any early withdrawal penalty:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand, then click Interest income (Form 1099-INT).
  3. Click + Add Form 1099-INT to create a new copy of the form or click Edit to review a form already created.
  4. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
  5. On the screen titled Interest Income - 1099-INT Income, enter a 2. Early withdrawal penalty amount, then click Continue.

To enter Form 1099-OID amounts, including any early withdrawal penalty:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand, then click Original Issue Discount interest (Form 1099-OID).
  3. Click + Add Form 1099-OID to create a new copy of the form or click Edit to review a form already created.
  4. On the screen titled OID Interest - Original Issue Discount, enter a 3. Early withdrawal penalty amount, then click Continue.

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Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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