This article applies to:

Penalty on early withdrawal of savings

Withdrawal from a retirement account prior to the retirement age specified by the IRS may involve penalties. Enter this information on the

B&D

or

K1-3

window, depending on the source document.

Select the Income
folder and open the

B&D window.

Open the Interest income statement window.

Enter the information from Form 1099-INT in the Early W/D Penalty
column. This amount transfers to Form 1040, Schedule 1, line 17.

In the K1 1065, 1120s
folder, select the K1-3
tab.

Enter the amount in the Penalty for early withdrawal
field. The amount transfers to Form 1040, Schedule 1, Line 17.