I underestimated the taxes due in 2018, and had to make a payment of over $2000 with my return when I filed in 2019. Is this deductible against my 2019 taxes owed? If so, where do I put it?
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If the $2000 payment was for state taxes, then it is deductible as part of Schedule A itemized deductions. If the $2000 payment was for your Federal return, then it is not a tax deduction for 2019.
Use these steps to enter the tax payment if it was for a state balance due:
Federal taxes paid for a prior tax year are never deductible on your federal tax return. They do not count as 2019 taxes paid because the payment was for 2018 taxes.
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