Discussion:Prior Year Federal Tax Payments
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Discussion Forum Index --> Tax Questions --> Prior Year Federal Tax Payments
| 6 March 2006 | |
| Are tax payments made in 2005 for prior years tax deductible for 2005? | |
Chautauqua (talk|edits) said: | 6 March 2006 |
| If payments are for Federal income tax, they are not deductible anywhere. If payments are for state income tax, and taxpayer itemizes, they are a Sched A deduction regardless as to which year or which state they are for. Of course, the Sched A deduction is added back to state taxable income. | |
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