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T
tscott
Level 5
April 28, 2021
Question

2018 Tax Program Eliminated Premature Distribution Penalty

  • April 28, 2021
  • 2 replies
  • 10 views

Does anyone know why my 2018 program eliminated the premature 10% early withdrawal penalty when I opened the 2018 file for my client today?

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2 replies

J
jimst
Level 3
April 28, 2021

Hi tscott1205,

Beginning tax year 2018, the adjustment to income for the penalty on early withdrawal of savings is entered on Schedule 1 (Form 1040). 

jimst

    dkh
    dkh
    Level 15
    April 28, 2021

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