Kevin, 20 and single, has one Form W-2 and one Form 1099-INT and no other income. His Form 1099-INT shows the interest he earned and an early withdrawal penalty he paid that year. Kevin has no adjustments to income, does not itemize deductions, and cannot claim any credits.
Which form(s) can Kevin use if he wants to deduct the early withdrawal penalty?
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Form 1040EZ, 1040A, or 1040 |
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Form 1040A or 1040 |
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No deduction is allowed for an early withdrawal penalty |