I paid an addition $2726 on taxes and penalty in 2016 for my 2014 return. Is that deductible for my 2016 return?
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1 Best answer
DoninGA
Level 15
Jun 6, 2019 5:53:36 AM
Federal income taxes owed and paid for a prior tax year are not reported on nor deductible on a federal tax return. Interest and penalties for taxes owed are never deductible on a tax return.
1 Replies
DoninGA
Level 15
Jun 6, 2019 5:53:36 AM
Federal income taxes owed and paid for a prior tax year are not reported on nor deductible on a federal tax return. Interest and penalties for taxes owed are never deductible on a tax return.