Can 2005 federal underpayments be deductible on 2006 form?

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Can 2005 federal underpayments be deductible on 2006 form?

2007-03-24 05:34:54 · 3 answers · asked by yacat59 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

No. But if you made a State payment in 2006 for the balance due on your 2005 tax return, this would be deductible on your federal tax return (Schedule A) if you itemize deductions.

2007-03-24 06:02:43 · answer #1 · answered by tma 6 · 0⤊ 0⤋

Huh? What do you mean by "2005 federal underpayments?"

Federal taxes are never deductible on a Federal return. If you underpaid your 2005 taxes and have a refund coming for 2006, the IRS will offset your refund to settle any debt owed.

2007-03-24 12:47:06 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋

NO.

Really good try, though.

2007-03-24 13:05:40 · answer #3 · answered by bold4bs 4 · 0⤊ 1⤋