35 Miss. Code. R. 3-04-01-101
Current through December 10, 2024
Interest Penalty on Early Withdrawal of Savings
Amounts forfeited to a financial institution, such as a penalty for premature withdrawal of funds form a time savings account, certificate of deposit, or similar class of deposit, are allowed as a deduction from gross income. The 1099 form furnished by the financial institution will show the amount of any interest penalty charge for early withdrawal. This amount is deductible form gross income.
35 Miss. Code. R. 3-04-01-101