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Category : > Income Tax Filing Across The USA
Posted On : Tue Oct 06th,2009
Can I deduct Penalty on Early withdrawal?
Penalty on Early withdrawal
Enter interest or principal forfeited because of an early withdrawal of time deposits, such as an early withdrawal from a certificate of deposit (CD) that is deductible from gross income by the recipient. Do not reduce the amount reported in box 1 by the amount of the forfeiture.
The Form 1099-INT or Form 1099-OID you received will show the amount of any penalty you were charged.
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