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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. The TaxAct program will transfer the information to line 22 of Schedule 1 (Form 1040) Additional Income and Adjustments to Income after you report it on Form 1099-INT or Form 1099-OID.

To report Form 1099-INT early withdrawal penalty (if you need help reporting Form 1099-INT, go to our Form 1099-INT - Entering in Program FAQ):

  1. From within your Form 1099-INT, continue with the interview process until you reach the screen titled Interest Income - 1099-INT Income.
  2. Click the data entry field below 2. Early withdrawal penalty, and type the amount.

To report Form 1099-OID early withdrawal penalty (if you need help reporting Form 1099-OID, go to our Form 1099-OID - Entering in Program FAQ):

  1. From within your Form 1099-OID, continue with the interview process until you reach the screen titled OID Interest - Original Issue Discount.
  2. Click the data entry field below 3. Early withdrawal penalty, and type the amount.

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