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.
A manually monitored installment agreement is monitored by the IRS to ensure payments are made as required and all tax returns are filed and paid by the deadline. Learn more from H&R Block.
Learn more about Letter 3219B and how to handle an IRS notice of deficiency for your business with help from the tax experts at H&R Block.
Do you have unfiled Form 941's, 940's, or 944's? Read the IRS definition of employment tax returns and get more insight from the experts at H&R Block.
If you receive a Form W-2G for gambling winnings, you must report the full amount of income shown on the W-2G on your tax return. Learn more from H&R Block.