DavidD66
Expert Alumni

Get your taxes done using TurboTax

The tax you paid back is deductible as an itemized deduction on Schedule A, but only if you itemize.  To itemize your deductions they need to be more than the Standard Deduction.  For 2024 the Standard Deductions are:

 

Single: $14,600

Married Filing Jointly & Surviving Spouses: $29,200

Married Filing Separate: $14,600

Heads of Household:  $21,900

 

If you are not seeing Schedule A or Itemized deductions in TurboTax it is because haven't indicated by your answers that you have enough deductions to itemize.

 

As for the penalty, it is not tax deductible regardless of whether you itemized or not.  

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