Question: Interest and Penalties ( LO 1 2 . 3 ) In the 2 0 2 4 tax year, Michelle paid the following amounts relating to

Interest and Penalties (LO 12.3)
In the 2024 tax year, Michelle paid the following amounts relating to her 2022 tax return:
Line Item DescriptionAmountTax deficiency$5,000Negligence penalty1,000Interest500Underpayment of estimated tax penalty350
Which of these amounts may be deducted on Michelle's 2024 individual income tax return?
$0$350$5,000$6,350$6,850

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