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Level 1
June 5, 2019
Solved

Where do I put my safe deposit box fee?

  • June 5, 2019
  • 3 replies
  • 0 views
I've followed the directions but there isn't any misc. area for it
Best answer by VolvoGirl
But It probably isn't worth entering.  You can only deduct the amount that's over 2% of your AGI.

For example, you make $20,000 AGI.  Only the amount over $400 (20,000 x .02) would even be deductible.  And that's only for 20,000 AGI.  For like 50,000 AGI only the amount over $1,000 would be deductible.

3 replies

VolvoGirl
VolvoGirlAnswer
Level 15
June 5, 2019
But It probably isn't worth entering.  You can only deduct the amount that's over 2% of your AGI.

For example, you make $20,000 AGI.  Only the amount over $400 (20,000 x .02) would even be deductible.  And that's only for 20,000 AGI.  For like 50,000 AGI only the amount over $1,000 would be deductible.
PopeyeTheSalior
Level 13
June 5, 2019

You cannot deduct it anymore, unfortunately.  With the new law TCJA, taxpayers are no longer allowed to take miscellaneous items deductions such as unreimbursed employee expenses, tax-preparation fees, investment fees and the cost of safe deposit boxes.

 

[Edited 3/30/2020 | 6:59PM]

Level 2
April 13, 2022

Federal Taxes

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Safe Deposit Box Fees