Tax Penalties Deductible
November 9th, 2008
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Question: We used hubby’s 401k to payoff house, car and land. Is any of this deductible on income tax?
Company merged and decided to withdraw rather than rollover. Knew it would be subject to 10% penalty but thought it was better in long run to pay everything off. Now trying to find ways to reduce tax hit.
Answer: You will be hit with the full tax and penalty.
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