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-   -   Can you use the early withdraw penality as a standard deduction on current tax return (https://www.askmehelpdesk.com/showthread.php?t=550210)

  • Feb 1, 2011, 04:23 PM
    cox24550
    Can you use the early withdraw penality as a standard deduction on current tax return
  • Feb 1, 2011, 04:28 PM
    ScottGem

    Early withdrawal from what? Generally it won't be.
  • Feb 11, 2011, 03:50 PM
    AtlantaTaxExpert
    Negative. That 10% Early Withdrawal Penalty is a punitive tax that CANNOT be mitigated.

    That means that if, after the distribution income is covered by deductions and exemptions and you show NO taxable income, you STILL have to pay the 10% Early Withdrawal Penalty.

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