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konorato
May 22, 2009, 05:29 AM
We took a withdrawal on our 401k this year and was assessed a penalty. Is the penalty we pay allowed to be taken as "other taxes" when itemizing your deductions.

ebaines
May 22, 2009, 08:00 AM
Is the penalty we pay allowed to be taken as "other taxes" when itemizing your deductions.

No. Federal income and excise taxes are not deductible.