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Do I deduct my 4th estimated tax payment for 2006, made in Jan 2007 on 2007 schedule A line 5?

  
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Subject Author Date
Do I deduct my 4th estimated tax payment for 2006, made in Jan 2007 on 2007 schedule A line 5? Jay 01-18-2008
Posted by Jay on January 18, 2008, 7:33 pm
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 The 1040 instruction book page A-2 for line 5 states that "State and local
estimated tax payments made during 2007..." can be deducted so my
understanding is that would included ones first 3 estimated payments for tax
year 2007 but does it also include the fourth estimated payment for 2006
that I made in Jan 2007?

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<< that may be imposed upon the taxpayer. >>
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Posted by ed on January 18, 2008, 9:10 pm
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> The 1040 instruction book page A-2 for line 5 states that "State and local
> estimated tax payments made during 2007..." can be deducted so my
> understanding is that would included ones first 3 estimated payments for tax
> year 2007 but does it also include the fourth estimated payment for 2006
> that I made in Jan 2007?
>
> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used,   >>
> << nor can it used, for the purpose of avoiding penalties  >>
> << that may be imposed upon the taxpayer.                  >>
> <<                                                         >>
> <<   The Charter and the Guidelines for submitting posts   >>
> <<  to this newsgroup as well as our anti-spamming policy  >>
> <<                  are atwww.asktax.org.                 >>
> <<         Copyright (2007) - All rights reserved.         >>
> << ------------------------------------------------------- >>
Correct: I presume you're talking about your STATE estimated tax to
deduct on your FED return? If so, only paymets made in the tax year
are deductible, not the 4th payment made in the following year. It's
deducted in the following year.

ed

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Jay on January 18, 2008, 10:05 pm
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>> The 1040 instruction book page A-2 for line 5 states that "State and
>> local
>> estimated tax payments made during 2007..." can be deducted so my
>> understanding is that would included ones first 3 estimated payments for
>> tax
>> year 2007 but does it also include the fourth estimated payment for 2006
>> that I made in Jan 2007?
>>
>> --
>> << ------------------------------------------------------- >>
>> << The foregoing was not intended or written to be used, >>
>> << nor can it used, for the purpose of avoiding penalties >>
>> << that may be imposed upon the taxpayer. >>
>> << >>
>> << The Charter and the Guidelines for submitting posts >>
>> << to this newsgroup as well as our anti-spamming policy >>
>> << are atwww.asktax.org. >>
>> << Copyright (2007) - All rights reserved. >>
>> << ------------------------------------------------------- >>
> Correct: I presume you're talking about your STATE estimated tax to
> deduct on your FED return? If so, only paymets made in the tax year
> are deductible, not the 4th payment made in the following year. It's
> deducted in the following year.
>
> ed
>
> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used, >>
> << nor can it used, for the purpose of avoiding penalties >>
> << that may be imposed upon the taxpayer. >>
> << >>
> << The Charter and the Guidelines for submitting posts >>
> << to this newsgroup as well as our anti-spamming policy >>
> << are at www.asktax.org. >>
> << Copyright (2007) - All rights reserved. >>
> << ------------------------------------------------------- >>

Yes that is what I was referring to, thanks for your answer.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by removeps-groups@yahoo.com on January 21, 2008, 7:10 pm
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> Correct:  I presume you're talking about your STATE estimated tax todeducton
your FED return?  If so, only paymets made in the tax year
> are deductible, not the 4th payment made in the following year.  It's
> deducted in the following year.

If you're using accrual based accounting does the answer remain the
same?

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by D. Stussy on January 22, 2008, 8:44 am
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>
> > Correct: I presume you're talking about your STATE estimated tax
todeducton your FED return? If so, only paymets made in the tax year
> > are deductible, not the 4th payment made in the following year. It's
> > deducted in the following year.
>
> If you're using accrual based accounting does the answer remain the same?


Yes, the answer is the same for the estimated tax payment due January 15 (or
15 days after the close of the tax year).

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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