Designate by an R is an item is a deduction FOR AGI or an M is an item is a deduction FROM AGI.
-Penalty on early withdrawal of savings

Name: Designate by an R is an item is a deduction FOR AGI or an M is an item is a deduction FROM AGI. -Penalty on early withdrawal of savings
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The penalty on early withdrawal of savings is considered an adjustment to income, thus it is a deduction for AGI (above the line). This means it can be deducted directly from gross income to arrive at adjusted gross income.

Designate by an R Is an Item Is a Deduction