Question

Penalties for early-withdrawal of savings are deductible ___ AGI, and interest reported in gross income includes the interest forfeited for the penalty.

1) above
2) below
3) at
4) from

Answer 1

Penalties for early-withdrawal of savings are deductible from AGI, and interest reported in gross income includes the interest forfeited for the penalty.

Step-by-step explanation:

Penalties for early-withdrawal of savings are deductible from AGI, and interest reported in gross income includes the interest forfeited for the penalty.