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Level 1
March 11, 2021
Question

Is an early withdrawal penalty on a cd taken into account if I take the standard deduction.

  • March 11, 2021
  • 2 replies
  • 35 views
Is an early withdrawal penalty on a CD taken into account if I take the standard deduction?

2 replies

DoninGA
Level 15
Level 15
March 11, 2021

The standard deduction has no bearing on whether there is an early withdrawal penalty on a CD.

fanfare
Level 15
March 12, 2021

your standard deduction gives you all your itemizable deductions, and possibly more, up to the amount of your standard deduction.