I am filing my 2016 taxes. Can I deduct the amount of extra tax, penalty or interest because of an error on my 2015 taxes so long as I made the payments in 2016?
2015 Late Payments Paid in 2016.
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1 Best answer
TomD8
Level 15
Jun 4, 2019 8:24:59 PM
You cannot deduct any federal tax, interest, or penalties that you paid.
You may be able to deduct state taxes that you paid, but not any penalties or interest.
1 Replies
TomD8
Level 15
Jun 4, 2019 8:24:59 PM
You cannot deduct any federal tax, interest, or penalties that you paid.
You may be able to deduct state taxes that you paid, but not any penalties or interest.