Janet did not file her tax return or pay her taxes for 2017 until November of 2018.She paid the following amounts to the IRS related to the late filing and payment of tax: $\begin{array}{llcc}
\text { Interest} & \$500 \
\text {Underpayment of estimated tax penalty } &350\
\text {Failure-to-file and failure-to-pay penalties } &1,700\
\end{array}$
What amount of the above items may be deducted on Janet's 2018 individual income tax return? Explain.

Question

Janet did not file her tax return or pay her taxes for 2017 until November of 2018.She paid the following amounts to the IRS related to the late filing and payment of tax: $\begin{array}{llcc}
  \text {  Interest} & \$500 \
 \text {Underpayment of estimated tax penalty  } &350\
 \text {Failure-to-file and failure-to-pay penalties  } &1,700\
\end{array}$
 What amount of the above items may be deducted on Janet's 2018 individual income tax return? Explain.

Quizplus · Accepted Answer

The Answer of Janet did not file her tax return or pay her taxes for 2017 until November of 2018.She paid the following amounts to the IRS related to the late filing and payment of tax: $\begin{array}{llcc}
  \text {  Interest} & \$500 \
 \text {Underpayment of estimated tax penalty  } &350\
 \text {Failure-to-file and failure-to-pay penalties  } &1,700\
\end{array}$
 What amount of the above items may be deducted on Janet's 2018 individual income tax return? Explain.

Janet Did Not File Her Tax Return or Pay Her