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Can the 10% additional tax for an early withdrawal from an IRA be deducted from the Adjusted Gross Income as a penalty on early withdrawal of savings?

April 26, 2017Adjusted deducted early gross income IRA penalty tax withdrawal

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Can the 10% additional tax for an early withdrawal from an IRA be deducted from the Adjusted Gross Income as a penalty on early withdrawal of savings?

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No, the additional 10% tax on early distributions from qualified retirement plans does not qualify as a penalty for withdrawal of savings.