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In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return: Tax deficiency $5,000 Negligence penalty $1,000 Interest $500 Underpayment
In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return: Tax deficiency $5,000 Negligence penalty $1,000 Interest $500 Underpayment of estimated tax penalty $350 What amount of the above items may be deducted on Michelles 2016 individual income tax return? $ Explain
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