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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.
What else can I help you with?
Is a gift to a family member a deductible item?
No.
Is casino winnings also a deductible item in ca income tax return?
No.
Will Homeowner's Insurance Policy cover something stolen out of a car?
It can. Depends on the item & your deductible.
Can you write off your new heat pump on your taxes?
With the information you are giving in this question the answer is no you cannot. There are a few types that are deductible for some years but these are like Geothermal Heat Pumps and such. Most all maintenance issues on your home are never tax deductible. Normal living expenses are not deductible item.
Can you deduct wage garnishments from your federal and state income that is reported to the IRS?
No. Garnishments are just payment of a debt that you owe and haven't paid. This is not a deductible item.
When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
If an individual reported capital gain in 2007 and had to pay a medicaid penalty in 2009 can this penalty amount be counted as a capital loss against the capital gain?
The medicaid item is NOT a deductible amount of any nature (penalties to start generally aren't and medicade contributions aren't either). And certainly in any regard would not be a capital item ever. Medicaide is NOT a capital asset, it may have a cost, but you do not have any basis invested to calculate a gain or loss from. (Consider that what your thinking would then mean every payment or coverage you receive would then have to be a capital gain).
Does an adoption subsidy for special needs children reduce child support obligation in Ohio?
This would be considered a rebuttable presumption and is left up to the interpretation of the judge in accepting it as a deductible item. see link below
What happens in small claims court when someone sells something that does not belong to them?
In small claims court, the person who bought the item can sue the seller for a refund or return of the wrongfully sold item. The seller may also face penalties such as paying damages or other compensation for the misuse or misrepresentation of the item.
Is there a secret item on every island on Poptropica?
yes.there is an item hidden at early poptropica on the window of the green building press the orange flower and there is a Orange and yellow costume!
What happens when someone violates a patent?
Typically they have to pay the patent holder the profits from the illegal gain plus penalties. Unless they obtain a license as part of the settlement, they will have to stop producing the item.
Do you still have to pay child support if your ex remarries and has another child and you have joint physical custody?
It is dependent on your difference in incomes, and whether the state considers the new child a deductible item in a modification. see links below
