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I rolled over an IRA and was charged an early withdrawal penalty from the bank. Is that penalty tax deductible?If so, what forms or information do I need?

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MichaelL1Answer

Level 15

It is not deductible if when it was charged to the IRA the money came from the IRA account.

What takes place within the IRA does not impact the income or deductions on your return.

MichaelL1Answer

Level 15

It is not deductible if when it was charged to the IRA the money came from the IRA account.

What takes place within the IRA does not impact the income or deductions on your return.