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KRobb
New Member

I am making installment payments on income tax owed from 2011. Can I deduct the payments on my taxes?

There is still an outstanding balance I will be making payments on in future years. The payments include interest and penalty.

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LeeM
New Member

I am making installment payments on income tax owed from 2011. Can I deduct the payments on my taxes?

You can deduct payments on State and Local income taxes but not federal. However, you cannot deduct any interest or penalties, only the actual tax paid. 

If you made any state or local income tax payments, you would add those under the Federal Taxes/Deductions & Credits tab.

Edited

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LeeM
New Member

I am making installment payments on income tax owed from 2011. Can I deduct the payments on my taxes?

You can deduct payments on State and Local income taxes but not federal. However, you cannot deduct any interest or penalties, only the actual tax paid. 

If you made any state or local income tax payments, you would add those under the Federal Taxes/Deductions & Credits tab.

Edited

View solution in original post

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