In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax deficiency $5,000Negligence penalty 1,000Interest 500Underpayment of estimated tax penalty 350Which of the above items may be deducted on Michelle’s 2018 individual income tax return? $______________________ Explain_____________________________________________________

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
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In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax deficiency $5,000Negligence penalty 1,000Interest 500Underpayment of estimated tax penalty 350Which of the above items may be deducted on Michelle’s 2018 individual income tax return?

$______________________

Explain_____________________________________________________

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