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Is there a credit or deduction or state taxes paid the

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Is there a credit or...
Is there a credit or deduction for federal or state taxes paid the previous year?
Submitted: 1 year ago.Category: Tax
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1/29/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,283
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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So sorry, no, as cash basis taxpayers we must only deduct taxes (state or local on the federal return - never federal against federal) IN THE YEAR PAID.

...

You may be able to deduct state and local taxes in the year they were paid (regardless of which tax year they were for) if you itemize.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

here's the IRS guidance on this: https://www.irs.gov/taxtopics/tc503.html

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

From there:

...

Topic 503 - Deductible Taxes

There are four types of deductible nonbusiness taxes:

To be deductible, the tax must be imposed on you and you must have paid it during your tax year. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A (PDF), Itemized Deductions.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Hope this has helped … Please let me know if you have any questions at all

...

I hope you'll rate me, using the stars or the ratings request on your screen, (that's the only way we get credit for the work here) based on thoroughness and accuracy, rather than any good news/bad news content ... But if there's something you don't understand, or if you have other questions about this, please let me know....

...

Thank you,

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,283
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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