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You do NOT get any deductions on your 1040 income tax return for the payments that you make on your past due federal income taxes, penalties, or interest.

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Q: May I deduct the amount of underpayment paid for previous years tax return?
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Can you count your tax payment from a previous year's taxes on the current tax form?

If you are talking about your amount paid with your federal tax return, the answer is no. You cannot deduct your previous years federal income tax on your current years tax return. You can deduct on Schedule A the amount paid on your State income tax return if you itemize your taxes.


Can you deduct the amount of money taken out of your paycheck for a garnishment on your tax return?

No


Will you get a return if you owe the IRS?

You will file a return. You will not get a refund (which is a refund of your overpayment) if you owe more than you have paid in through withholding and such - which is waht your payment is for - to make up for what you should have pre-paid. Depending on the amount of the underpayment and other factors, it is possible you will also owe a penalty and interest on that underpayment.


Can I deduct monies paid to settle a lawsuit?

Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return. Then a limited amount could be deductible on your income tax return.


Can you get a return if you owe back taxes?

If you owe back taxes, the IRS will automatically deduct that amount from your refund. Depending on that amount, you can only receive what is left from that deduction.


Can you itemize hospital bills on your tax return that you have not paid in full?

No. The only deductions that you can take on a tax return are items that you actually paid. However, you can deduct the amount of the bill that you did pay and then next year you can deduct the part that was paid during this year, even though the bill was for last year.


How do you put misc cash spending in tax return?

I am assuming you are referring to an individual basis. You cannot deduct miscellaneous cash spending on a personal tax return. You cannot deduct household expenses on your tax return either. You cannot deduct your regular cost of living expenses.


How would one go about contributing to a RRSP?

The amount you can contribute depends on your RRSP deduction limit. You can find your deduction limit by looking at your 2011 Tax Return. Your RRSP deduction limit is the amount of RRSP contributions that you can deduct on your tax return for a given year.


CAN I DEDUCT LOWES ON MY TAX RETURN?

I don't know anything about your tax return but I can say that if you have a personal tax return and purchases from Lowes that you refer to are for normal maintenance of your home the answer is no. You cannot deduct expenses for maintaining your home.


You filed taxes and under unreimbursed medical expenses put the amount of your bill instead of what you paid the difference is 5000 compared to 500 where on the 1040X can you change this error?

When you file an amended return, just put in the correct numbers rather than trying to explain on the form. If you want to explain, include a letter when you send in the amended return. You deduction is limited to the amount billed or the amount paid by you. You cannot deduct any amount that you did not personally pay and cannot deduct any amount paid or reimbursed by insurance.


Can you deduct the amount you pay your tax account?

I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.


Can you deduct payroll taxes?

A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.