2006-12-13 18:04:07 · 4 answers · asked by Maggie R 1 in Business & Finance ➔ Taxes ➔ United States
Nope. Any Federal tax you pay is not going to be deductable on your federal tax return. The answer is the same whether you pay your tax on time each year, or whether the IRS takes several years worth of tax payments from you in one lump sum.
Depending on the state you live in, you MAY be able to deduct this on your state tax return. However, in many cases, you were already allowed to deduct the Federal tax on your state return in the years in question, whether you paid them or not.
2006-12-13 19:57:06 · answer #1 · answered by Bryan 2 · 0⤊ 0⤋
No. Federal Taxes are never deductable on the Federal return.
2006-12-14 08:53:37 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
Good question, Ive never wondered that before. My guess is no though since you are only repaying a debt from your income. Even if it does happen to be the federal government that swoops in to take it without asking.
2006-12-14 02:11:42 · answer #3 · answered by somedayhomefree 2 · 0⤊ 0⤋
No. It is not deductible in any form.
2006-12-14 02:06:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋