I am completing my 2021 taxes using Turbo Tax. Can we get a credit deduction for paid interest and penalties on past taxes for the year 2018 but paid in 2021? If this is possible, where in the Turbo Tax process do we put this credit?
No, Interest and/or penalties paid to the IRS are not deductible on your tax return. You can't deduct fines or penalties you pay to a governmental unit for violating a law. This includes an amount paid in settlement of your actual or potential liability for a fine or penalty (civil or criminal).
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