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Author: tinmary Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121340  
Subject: Completed payment of 1998 Federal Taxes in 2000 Date: 4/15/2001 3:06 AM
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Help!

I owed a lot ($9,000+) for my 1998 Federal Taxes, so I opted to pay it off over the course of the year in monthly installments. I set up a montly installment plan with the IRS. I paid the bulk of it in 1999 but the last few installments spilled over into the beginning of 2000.

I shouldn't be taxed on the income that I earned in 2000 that I used to pay off federal taxes owed for 1998, right? This amount should just be deducted from my 2000 taxable income, right?

If this is the case, where do I report the amount I paid so that it properly deducts itself from my 2000 taxable income?

Thanks for any shared wisdom.
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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50275 of 121340
Subject: Re: Completed payment of 1998 Federal Taxes in 2 Date: 4/15/2001 4:05 AM
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I shouldn't be taxed on the income that I earned in 2000 that I used to pay off federal taxes owed for 1998, right? This amount should just be deducted from my 2000 taxable income, right?

You're a couple of weeks late for April Fool's Day, but it was a nice effort.

Phil Marti

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