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    konorato's Avatar
    konorato Posts: 2, Reputation: 1
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    #1

    May 22, 2009, 05:29 AM
    401k penalty
    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    May 22, 2009, 08:00 AM
    Quote Originally Posted by konorato View Post
    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.
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