answersLogoWhite

0


Best Answer

Federal taxes paid or payable, (even if paid in the current year), aren't deductible in calculating your federal taxable income. State income tax payments may be deductible in determining your federal tax taxable income. And refunds received of a prior years State income tax may therefore be included in the current years federal taxable income.

User Avatar

Wiki User

โˆ™ 2006-12-26 16:47:26
This answer is:
User Avatar
Study guides

US Civil War

20 cards

Why were poll taxes created

What is a graduated income tax

What sparked the beginning of the Civil War

When Abraham Lincoln was elected president what was the result for the southern states

โžก๏ธ
See all cards
3.65
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
96 Reviews

Add your answer:

Earn +20 pts
Q: If you paid 765 dollars this year in federal tax payments that were owed for a previous year is this your deductible?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can you Deduct tax payments from the previous year?

Yes, unless it's been past three years. They have five years to eat you alive though. For the previous year -as below...from the previous year (as in made then) - even if applicable, no, only in the year they are paid. File an amended. State Tax payments are deductible from Federal, when paid. Federal Tax Payments aren't deductible from State, or from Federal for that matter, regardless of when they are paid.


Are federal tax payments deductible expenses for a corporation?

No


Are income tax payments deductible?

State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.


Is credit card interest payments tax deductible?

NO The personal interest is never deductible on your 1040 federal income tax return


Are state income payments deductible on federal taxes for corporations?

Yes, (and individuals). For Corps it is the amount paid (not accrued).


Is there a Federal deduction for state back tax payments?

State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.


Are state income tax payments deductible on federal form 1120?

State income taxes are deductible on the Federal Form 1120. Other deductions include repairs, interest, and depreciation for homeowners filing Form 1120.


Are state income tax payments deductible on a corporate tax return?

Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.


Are federal estimates tax deductible?

No.


Is federal tax on gasoline deductible on a 2008 federal tax return?

No. Not any year. And Federal Tax, even income tax, is not deductible on a return.


Can mileage from and to a bank to get Cd's deductible from federal income tax?

No, the mileage to and from a bank to get CD\'s are not deductible from federal income taxes.


Is pet insurance tax deductible in Arizona?

Not deductible on your federal income tax return.

People also asked