|
#1
04-10-2008, 04:19 PM
| |||
| |||
 Re: Where to report additional tax paid On Apr 10, 7:27 am, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.netwrote: - quote - > > IRS said I underpaid 2006 tax and sent me their recalculation in 2007
Right. Did you end up owing the state where you live money as well?> > 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. -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
|
04-10-2008, 02:27 PM
| |||
| |||
| Re: Where to report additional tax paid "Bob" <bobismandds[at]gmail.com> wrote - quote - > 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. > << ------------------------------------------------------- > |
|
#-1
04-10-2008, 02:22 PM
| |||
| |||
| Where to report additional tax paid 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? -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
| Tags |
| additional, paid, report, tax |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| How to report quarterly estimated FIT paid? Seeker: I hope someone will kindly help me with a question. My husband and I file jointly. He is still working and last year I drew Soc. Sec. Since we... | Taxes | 3 | 04-15-2007 05:22 PM | |
| How to report business income when paid by credit card? cascadiadesign@comcast.net: I just started a sole proprietorship selling products over the web Customer pays $100 for product. Credit Card processor takes 3% off the top... | Taxes | 2 | 04-13-2007 07:11 AM | |
| Additional Loan pmt messes up total interest paid Loretta: Hopefully I have enough detail without flooding you with trivia. Money 2006 standard edition Advanced register I set up a car loan a while... | Microsoft Money | 1 | 06-03-2006 12:57 PM | |
| Clarification on report property taxes paid in 2004 R L: My property tax bill for 2004 on my home is broken down into 2 payments, with the 2nd payment due this April. Does that mean on my 2004 1040, I... | Taxes | 6 | 01-24-2005 05:26 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
