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bttmo
New Member

On 07/19/2016 I paid 925.00 to the US Treasury for income I forgot to enter on my 2014 taxes where do I apply that in turbo tax.

 
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MinhT
Expert Alumni

On 07/19/2016 I paid 925.00 to the US Treasury for income I forgot to enter on my 2014 taxes where do I apply that in turbo tax.

Federal tax and/or penalty you paid in 2016 for taxes due on a previous year is not tax deductible. So you do not need to the amount in your 2016 return.

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5 Replies
MinhT
Expert Alumni

On 07/19/2016 I paid 925.00 to the US Treasury for income I forgot to enter on my 2014 taxes where do I apply that in turbo tax.

Federal tax and/or penalty you paid in 2016 for taxes due on a previous year is not tax deductible. So you do not need to the amount in your 2016 return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
bttmo
New Member

On 07/19/2016 I paid 925.00 to the US Treasury for income I forgot to enter on my 2014 taxes where do I apply that in turbo tax.

even though that amount included penalty
MinhT
Expert Alumni

On 07/19/2016 I paid 925.00 to the US Treasury for income I forgot to enter on my 2014 taxes where do I apply that in turbo tax.

Yes, penalty and interest paid to the IRS are not tax deductible.
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bttmo
New Member

On 07/19/2016 I paid 925.00 to the US Treasury for income I forgot to enter on my 2014 taxes where do I apply that in turbo tax.

so since this amount was the tax on income I forgot to claim from a previous year that is not deductible.
MinhT
Expert Alumni

On 07/19/2016 I paid 925.00 to the US Treasury for income I forgot to enter on my 2014 taxes where do I apply that in turbo tax.

You are correct.
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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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