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Subject Author Date
Where to report additional tax paid Bob 04-10-2008
Posted by Bob on April 10, 2008, 10:22 am
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 IRS said I underpaid 2006 tax and sent me their recalculation in 2007
with an amount due and small penalty/interest, which I paid in 2007.
Where should this additional tax payment be recorded?

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Posted by Paul Thomas, CPA on April 10, 2008, 10:27 am
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> IRS said I underpaid 2006 tax and sent me their recalculation in 2007
> with an amount due and small penalty/interest, which I paid in 2007.
> Where should this additional tax payment be recorded?




In your checkbook.

There are no federal deductions allowed for federal tax paid.

Since it applies to a prior year, there are no current year credits or
off-sets to be made (like there is for estimated payments, etc).






Some states allow for a deduction on their return for federal income tax
paid, so look into that.




--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- >>
<< 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 April 10, 2008, 12:19 pm
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wrote:

> > IRS said I underpaid 2006 tax and sent me their recalculation in 2007
> > with an amount due and small penalty/interest, which I paid in 2007.
> > Where should this additional tax payment be recorded?
>
> In your checkbook.
>
> There are no federal deductions allowed for federal tax paid.

Right. Did you end up owing the state where you live money as well?

--
<< ------------------------------------------------------- >>
<< 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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