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RMascuch
Jan 26, 2011, 12:39 PM
I took a withdrwal from my 401K in 2010 after I was laid off from my job. Are there any deductions I am allowed to take on the penalty portion tax?
AtlantaTaxExpert
Jan 30, 2011, 05:41 PM
Negative. The 10% Early Withdrawal Penalty is punitive in nature and CANNOT be mitigated.