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Joseph cashed in a CD (certificate of deposit) early because he needed money quickly to buy a new car. Unfortunately, the bank charged him an

Joseph cashed in a CD (certificate of deposit) early because he needed money quickly to buy a new car. Unfortunately, the bank charged him an early withdrawal penalty of 5% which amounted to $250.

Can Joseph deduct the penalty on his taxes and, if so , how much can be deducted?

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