Are January estimated payments not deductible for that tax year?
Asked by: dtba
I made my final 2011 estimated state tax payment in January 2012 by the due date. For federal purposes, I’m wondering if on my 2011 Schedule A I should include this last payment.
Since this was for TY 2011 it makes sense to me that this should be counted for 2011, but a strict reading of the Schedule A instructions seems to disagree, although they don’t explicitly say so.
Do I really need to wait until a year from now to deduct that final payment?
If that’s the case, major bummer for this year. Worse yet, for next year I see that the 1040 line 10 instructions say I can’t even use the “State and Local Income Tax Refund Worksheet” and am instead directed to publication 525 for “Itemized Deduction Recoveries” just because I made my final payment in January.
Do most people not make their final estimated tax payment in January when it is due? If I’m reading this right I would have saved myself a _whole_ bunch of fuss by paying it early.
How others found here:
- is estimated tax payment counted when paid or received?
- 4th quarter state tax estimate deductible
- federal deduction for estimated state tax payments