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    RMascuch's Avatar
    RMascuch Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 26, 2011, 12:39 PM
    401K
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 30, 2011, 05:41 PM
    Negative. The 10% Early Withdrawal Penalty is punitive in nature and CANNOT be mitigated.
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