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Early Withdrawal Penalty And Taxes

elbow1
  |     |   4 posts since 2022

I have never before closed out cds early until this year. And I am about to do another. I have a dept of commerce 5 yr cd paying 3.17 and I think I will cash it out for their new 5 yr 4.8 cd. When they send the tax statement in 2023 do they put the amount of interest paid and then the amount taken away on the 1099 int? Is it going to be easy to do the taxes? Thank you

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MY2CENTSWORTH
  |     |   436 posts since 2016
elbow1, there was a recent discussion pertaining to this titled "CD Early Bailout Yes Or No" just 10 days ago where several others and myself made comments that should answer any questions you may have. I hope this helps.  https://www.depositaccounts.com/community/ask/50187-cd-early-bailout.html
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SouthernGirl
  |     |   210 posts since 2022
elbow1,
Is it possible for you to negotiate with Dept. of Commerce to waive EWP and issue a new CD for you? Other institutions are negotiating with customers at this time!
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7
CDCA
  |     |   18 posts since 2023
I have had a very difficult time reaching a competent CSR at DOCFCU who could answer basic Q's such as beneficiaries. Have you had luck with a particular person or branch?
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