Submitted By: Anne
Answered: May 22, 2015 12:01 pm

I paid federal tax when I filed my 2013 return at the beginning of October. Can I deduct this payment on my 2014 return?

No, federal income taxes are not deductible. But if you also paid state income tax in 2014 for 2013, you can deduct it on your 2014 federal income tax return.

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Tax Glossary

Wash sales

Sales on which losses are disallowed because you recover your market position within a 61-day period.

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