Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Only State and Local Income Taxes paid in 1999 for calendar year 1999 are deductible on Schedule A of form 1040. Taxes paid in 2000 for calendar year 1999 are not deductible. If you know you are going to owe State and Local income taxes, and that you are going to itemize on your Federal 1040, it is in your interest to pay them in full before the end of calendar year 1999 so they can be deducted on your schedule A 1040 deductions. However refunds received in 1999 for calendar year 1998 are considered as income for 1999 and must be reported on Form 1040 itself.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.