In the 2012 tax year, Michelle paid the following amounts relating to her 2010 tax return: Tax

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In the 2012 tax year, Michelle paid the following amounts relating to her 2010 tax return:

Tax deficiency..........................................$5,000

Negligence penalty.......................................1,000

Interest......................................................500

Underpayment of estimated tax penalty ...............350

What amount of the above items may be deducted on Michelle's 2012 individual income tax return? $___________

Explain_______________________________________________________________________

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Related Book For  answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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