Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
pettilegal
New Member

In 2017 I paid $6,000 to IRS for CP521/Installment Agreement. Can I deduct these as a tax expense?

The CP 521 arose out of nonpayment of my small business payroll withholding taxes, and was a combination of back taxes and high interest rates on the unpaid back taxes that have now been fully paid.

1 Reply
Phillip1
New Member

In 2017 I paid $6,000 to IRS for CP521/Installment Agreement. Can I deduct these as a tax expense?

No. 

Federal taxes, interest, and penalties are not deductible on your individual income tax return

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v