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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Where on schedule A (1040) can I deduct the Athene penalty

Customer Question

Where on schedule A (1040) can I deduct the Athene penalty for early withdrawal?
Submitted: 9 months ago.
Category: Tax
Expert:  Lane replied 9 months ago.

Hi,

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Figure your loss by subtracting the total distribution from your cost basis (premiums/contributions paid-in after tax)

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(May be stating the obvious here) but if this is all pre-tax money, then you wouldn't have basis sufficient to take a loss (said differently, the deduction is "built-in" because there will be less taxable income to be taxed in the distribution).

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The loss is a Schedule A miscellaneous itemized deduction subject to a threshold of 2 percent of your adjusted gross income

Expert:  Lane replied 9 months ago.

I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

Expert:  Lane replied 8 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane

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