In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return: Tax

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In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return: 

Tax deficiency....................................................$5,000 

Negligence penalty..............................................1,000 

Interest.....................................................................500 

Underpayment of estimated tax penalty.............350 

Which of the above items may be deducted on Michelle’s 2019 individual income tax return? Explain

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Income Tax Fundamentals 2020

ISBN: 9780357108239

38th Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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