Paid IRS after Audit. How does that impact my return for 2020?

[Ilan M Aliphas]

Hello,

I asked this question to my CPA and the answer didn't make sense to me.  Last year I got audited for my 2015 CA state tax return.  That year I did my taxes on Turbotax and fell for a misleading Turbotax trap. I had to pay a large amount of taxes in 2020 for this 2015 mistake – let's round it to $10k just for argument sake.  

Can I deduct those $10k on my 2020 Federal Tax return?  Is there any caveat like for example it depends on my total 2020 income?

Thanks in advance!!

Ilan

[Christopher Smith]

The State and local tax deduction is capped at $10,000, so if you're like me you blew right through that and then some on your 2020 return so any excess went to waste even if you itemize. 

BTW what was the Turbotax trap that caused you a problem on your CA return?