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New Member
posted Jun 6, 2019 5:53:35 AM

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
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
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.