Can this 10 pct be deducted on line 31 of form 1040?

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Can this 10 pct be deducted on line 31 of form 1040?

2007-04-02 06:34:55 · 3 answers · asked by Diane P 2 in Business & Finance ➔ Taxes ➔ United States

3 answers

if you are talking about the 10% penalty for early withdraw from your IRA as per your previous question, no you can not deduct that from your Federal Tax Return.

Line 30 is for taking an adjustment to income for early withdraw from CD's that banks charge. The 1099 INT or 1099 OID would be issued and show this penalty

2007-04-02 06:42:14 · answer #1 · answered by Anonymous · 3⤊ 1⤋

No, you can never deduct any personal federal taxes that you have paid on your federal tax return. State taxes paid can be deducted on the federal return, but only if you itemize.

2007-04-02 14:13:49 · answer #2 · answered by Anonymous · 2⤊ 2⤋

10% of what??

2007-04-02 13:40:22 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 3⤋