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Frequently Asked Tax Questions

Itemized Deductions, Standard Deduction - Interest, Investment, Money Transactions

  1. Is the interest amount that we paid to the IRS deductible?

Rev. date: 03/08/2019

Is the interest amount that we paid to the IRS deductible?

Interest and penalties paid to the IRS on federal income taxes aren't deductible.
For more information, refer to Items You Can’t Deduct in the Interest Expense chapter in Publication 17, Your Federal Income Tax for Individuals.