Submitted By: Anne
Answered: August 5, 2014 8:30 am

Are the federal income taxes I paid for 2013 when I filed my return in April 2014 deductible on my 2014 return?

Federal income taxes are not deductible. Similarly, you cannot deduct your payment of FICA on wages or the additional Medicare taxes on earned income (0.9% over your threshold amount) and net investment income (3.8% if your adjusted gross income is over a threshold amount). However, the 2014 payment of 2013 federal income taxes is credited to your 2013 return; any excess payment can be refunded to you or applied toward your 2014 federal tax liability.

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Tax Glossary

Individual retirement account (IRA)

A retirement account to which up to $4,000 (or $5,000 if you are 50 or over) may be contributed for 2007, but deductions for the contribution are restricted if you are covered by a company retirement plan. Earnings accumulate tax free.

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