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Pay taxes on CD penalties on IRAs?

Answered by:

Deborah Crawford

Question:

Do we have to report CD penalties in a distribution?

Answer:

No on the 1099R the gross distribution is net any bank imposed penalties.

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IRA—Reporting and Compliance webinar.

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First published on 12/06/2020

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Filed under compliance as:

Internal Controls

Compliance/Compliance Management

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