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Can penalties for early IRA withdrawal be used as a tax deductible item?
Wiki User
∙ 14y ago
No. The additional 10 percent tax on early withdrawal isn't deductible. Early withdrawal of savings is deductible on line 30 of Form 1040. Contributions to an IRA may be deductible on line 31 of Form 1040 (line 17 of Form 1040A).
To print a copy of Tax Topic 557 (Tax on Early Distributions from Traditional and Roth IRAs), go to www.irs.gov. Type Tax Topic 557 in the Search Box in the upper right corner.
Wiki User
∙ 14y ago
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