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jackgriffisjr
New Member

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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MichaelL1
Level 15

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?

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.

View solution in original post

1 Reply
MichaelL1
Level 15

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?

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.

View solution in original post

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