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Jim2
Returning Member

federal deduction

Is the 2020 payment of state taxes (and interest) for a n earlier year , because federal refund not reported correctly, deductible?

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5 Replies

federal deduction

yes if you itemize deductions you can deduct any state taxes paid in 2020 for any year.  And state withholding.  But there is a max 10,000 limit of State, local, property, and sales tax (SALT) deduction. And you can only deduct Medical/Dental that's over 7.5% of your AGI.  And W2 job expenses have been suspended.

 

FAQ on 2018 changes
https://ttlc.intuit.com/community/tax-reform/help/how-will-tax-reform-affect-my-federal-tax-return/0...

federal deduction

Jim2
Returning Member

federal deduction

Is the interest that we also paid the state deductible?

federal deduction

No.  Not interest or penalties.  Only the actual tax paid.

Jim2
Returning Member

federal deduction

Thanks!

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