Can I claim the 10% early withdrawal penalty I paid as a penalty deduction?


No you may not claim a penalty deduction. The 10% early withdrawal penalty isn’t deductible.

Related Topics

Related Resources

I want to use distributions from my Individual Retirement Account (IRA) to pay student loans. I am not yet age 59 ½.

Do you have to pay a penalty if you cash in an IRA to pay student loans? Learn more about your options. Get tax answers from H&R Block.

I was covered by my parents’ health insurance until September 2017, and then I enrolled in my own health insu

Learn more about the health insurance penalty and what fees you risk incurring with advice from the tax experts at H&R Block.

Individual Shared Responsibility Payment

What is the penalty for no health insurance and the shared responsibility payment? Get tax answers from the experts at H&R Block.

Is residential rental property depreciation subject to the AMT depreciation adjustment?

Is rental property depreciation effected by AMT rates? Explore your options and learn more. Get tax answers from H&R Block.