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On which Tax Form or Schedule do I report prior year tax liability?

On which Tax Form or Schedule do I report prior year tax liability?

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Answer #1

For federal tax purposes a prior year tax liability that you paid is not a deduction on your current year tax return.

  • A tax liability is what you owe to the IRS or other tax authority when you finished preparing your tax return.
  • Your tax liability is not based on your only earnings but on your taxable income after you take deductions and claim tax credits
  • Cuurrent year's tax liability appears on line 23 of the 2019 Form 1040, in this form we are reporting prior year tax liability, if any available.
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