Where do I enter a bank interest penalty for early withdrawal of savings? Can I just deduct this penalty from my interest earned from same bank?

[AnthonyC · Accepted solution]

It's entered on the same screen as normal bank interest.  Make sure you check the box that says "My form has info in more than just box 1" (see screenshot).  Box 2 is for early withdrawal penalty.

[Save Ag]

I don't see a screenshot.

[VolvoGirl]

This is a very old thread and the screenshots did not migrate over when they changed the forum in 2019.   I don't use the Online version so I don't know how the screen looks.  It used to be.....Check the box below box 1 that says "My form has info in more than just box 1."

Enter the early withdrawal penalty in box 2.

[VolvoGirl]

Here's is a screen shot for 2018 online.  But I don't think it is the same now

[Save Ag]

I am using desktop. I entered the penalty in box 2 but don't see another box to check. Something popped up showing the difference as tax free interest. $371-228. Not something I want to spend hours on, but I might try a negative number..

[Save Ag]

It looks a lot different now for 2023. Thanks for trying to help. I will look at again tomorrow.

[VolvoGirl]

What are you trying to enter?  I have the Desktop program.

[VolvoGirl]

You click the little box and all the other boxes pop up on the screen.  After you enter box 2 for the early withdrawal penalty that's all.  There isn't another box to check.  Just hit continue in the bottom right.