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I recntly paid off a two year installment plan established

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with the state of Virginia...
I recntly paid off a two year installment plan established with the state of Virginia. I paid about 8000.00 or 400 a month for two years. Is that money deductable in my federal taxes. I am also paying the federal government through an installment plan is any og=f that deductable?
Submitted: 5 years ago.Category: Tax
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12/1/2011
Tax Professional: Richard, Tax Attorney replied 5 years ago
Richard
Richard, Tax Attorney
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Good morning. Unfortunately, the interest and penalties on these payments are not deductible on either the state or the federal level. I'm sorry.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
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Customer reply replied 5 years ago

So non of the money paid as back taxes would be deductable? not just the penalties and interest/

Tax Professional: Richard, Tax Attorney replied 5 years ago
You get a tax benefit on your Federal taxes for state taxes paid, but you most likely took advantage of this when you originally filed the return.
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