In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return: Tax
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In the 2016 tax year, Michelle paid the following amounts relating to her 2014 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 2016 individual income tax return?
$ __________________
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Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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