Amend a Filed/Accepted Return

Forum|Forum|21 days ago
May 18, 2026
1 reply
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I filed my 2023 federal return using TurboTax Desktop. I need to amend it to include a deduction for investment interest (margin loan). As I work through the screens, I cannot find a field for entering the data. How do I go about this? Thanks.

Bsch4477

Level 15

How to enter this in TurboTax

Log into your return and navigate to the Deductions & Credits section.
Scroll down to find the Retirement and Investments category and select Show More.
Click Start or Revisit next to Investment Interest Expense.
Enter the interest amount you paid (often found on your brokerage’s 1099 form under margin interest).
TurboTax will generate Form 4952 to calculate your allowable deduction and carry forward any disallowed amounts to future years. [1, 2, 3, 4, 5]

Important Rules

Itemizing Required: You must itemize your deductions on Schedule A; this deduction cannot be taken if you take the standard deduction.
Net Investment Income Cap: Your deduction cannot exceed your net taxable investment income.
Qualified Dividends & Capital Gains: Normally, qualified dividends and long-term capital gains don't count as investment income. However, you can elect to have them treated as ordinary income so you can deduct more of your margin interest now (though those gains will then be taxed at your higher ordinary rate).