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Retirement tax questions
You can deduct early withdrawal penalties. Enter your early withdrawal penalty on line 18 of the 2021 Schedule 1, located in Part II of the schedule, "Adjustments to Income." Total all of your adjustments to income from Part II on line 26 of the schedule, and then transfer this sum to line 10a of your 2021 Form 1040.
It reduces your taxable income
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March 10, 2022
11:57 AM