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Is there any place on the '18 Fed form to list $5.5K Fed tax I paid for '17 taxes owed? Was advised to forgo taking taxes out on '17 IRA distribution to break even in '18
Basically, I took $$ from my IRA in 2017 with no taxes withheld. Ended up paying a $5,5K federal 2017 tax shortage in 2018 by taking another IRA distribution (this time paying taxes on the new $$ up front). I'd like to think this $5.5K would reduce my AGI (like State tax refunds add to the AGI..). If so, where on the 1040 form would this amount be listed? There is a place to list the money I paid state over this same issue. Just can't find a place for Federal...
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Is there any place on the '18 Fed form to list $5.5K Fed tax I paid for '17 taxes owed? Was advised to forgo taking taxes out on '17 IRA distribution to break even in '18
There is no place to enter the Federal tax payment for your 2017 tax liability. Federal tax payments are not deductible like state tax payments are. Your payment of 2017 taxes will not reduce your 2018 AGI or tax liability.
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Is there any place on the '18 Fed form to list $5.5K Fed tax I paid for '17 taxes owed? Was advised to forgo taking taxes out on '17 IRA distribution to break even in '18
There is no place to enter the Federal tax payment for your 2017 tax liability. Federal tax payments are not deductible like state tax payments are. Your payment of 2017 taxes will not reduce your 2018 AGI or tax liability.
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Is there any place on the '18 Fed form to list $5.5K Fed tax I paid for '17 taxes owed? Was advised to forgo taking taxes out on '17 IRA distribution to break even in '18
Though not what I was hoping to hear, thanks you very much for the prompt response
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Is there any place on the '18 Fed form to list $5.5K Fed tax I paid for '17 taxes owed? Was advised to forgo taking taxes out on '17 IRA distribution to break even in '18
You're very welcome. Thanks for using TurboTax, and thanks for not shooting the messenger!