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New Member
posted Jun 7, 2019 4:12:39 PM

Are installment payments for past taxes, tax deductible

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1 Best answer
Alumni
Jun 7, 2019 4:12:41 PM

For a federal tax payment plan, no, that is not deductible at all.

For a state tax payment plan, you can deduct the amount for taxes in the year that you pay it, but not any penalties or interest, only the tax.

1 Replies
Alumni
Jun 7, 2019 4:12:41 PM

For a federal tax payment plan, no, that is not deductible at all.

For a state tax payment plan, you can deduct the amount for taxes in the year that you pay it, but not any penalties or interest, only the tax.