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amunkres
New Member

Should interest accrued on a prior year's tax payment be included or excluded when the payment is reported here?

 
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Should interest accrued on a prior year's tax payment be included or excluded when the payment is reported here?

Exclude it.  Interest paid is not deductible.  Only the actual tax due.

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4 Replies

Should interest accrued on a prior year's tax payment be included or excluded when the payment is reported here?

Interest you received or paid?  What tax payment?  A federal tax due or state?
amunkres
New Member

Should interest accrued on a prior year's tax payment be included or excluded when the payment is reported here?

Interest I paid on a 2014 tax payment to a State.

Should interest accrued on a prior year's tax payment be included or excluded when the payment is reported here?

Exclude it.  Interest paid is not deductible.  Only the actual tax due.
amunkres
New Member

Should interest accrued on a prior year's tax payment be included or excluded when the payment is reported here?

Thank you!
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