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Can I Deduct State Taxes Paid For Previous Year
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1 Best answer jerry2000 Alumni Federal taxes penalties and interest paid for a prior year are not deductible State taxes paid for a prior year are deductible on your Federal return in the year paid but only the taxes Penalties and interest are not deductible View solution in original post May 31 2019 4 49 PM 0 Reply Bookmark Icon
You may deduct as an itemized deduction state and local income taxes withheld from your wages during the year as reported on your Form W 2 Wage and Tax Statement and estimated state and local income taxes and prior years state and local income taxes paid during the year
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You cannot deduct Federal taxes paid for a prior year on your current year s Federal return Some states do allow a deduction for Federal taxes paid To go to the section of the tax return to enter your state balance due amounts paid in
You can deduct all state income tax payments you make during the year for tax years before 2018 Beginning in 2018 the deduction limit is 10 000 which includes the withholding amounts reported on your W 2s and 1099s
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Can You Deduct State Taxes YouTube
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Updated on December 25 2022 Reviewed by Ebony J Howard Fact checked by Ariana Ch vez In This Article View All Photo The Balance Miguel Co State and local taxes can be deducted on your return subject to some rules but you must itemize rather than claim the standard deduction
If you itemize deductions you can deduct state and local taxes you paid during the year These taxes can include state and local income taxes or state and local sales taxes but not both Note Beginning with 2018 returns the deduction for all state and local taxes is limited to 10 000 5 000 if married filing separately
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https://www.irs.gov/taxtopics/tc503
You may deduct as an itemized deduction state and local income taxes withheld from your wages during the year as reported on your Form W 2 Wage and Tax Statement and estimated state and local income taxes and prior years state and local income taxes paid during the year
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If the taxes you paid this year related to a prior year was for state or local income taxes and if you are taking a deduction for state and local income taxes paid as part of your itemized deductions on Schedule A rather than the standard deduction you can enter those prior year state and local income taxes as part of your state and local
You may deduct as an itemized deduction state and local income taxes withheld from your wages during the year as reported on your Form W 2 Wage and Tax Statement and estimated state and local income taxes and prior years state and local income taxes paid during the year
If the taxes you paid this year related to a prior year was for state or local income taxes and if you are taking a deduction for state and local income taxes paid as part of your itemized deductions on Schedule A rather than the standard deduction you can enter those prior year state and local income taxes as part of your state and local
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