Can I deduct my Turbo Tax fee from 2016?

[jtranilla]

yes if you itemize

[MelaineC · Accepted solution]

Yes, you will be able to deduct fees paid to complete your taxes in 2016 on your 2017 taxes.  However, to get the deduction, you need to:

1. Itemize your deductions; and
2. The sum of your miscellaneous expenses (which also includes things like unreimbursed employee-related expenses, investment expenses, and safe deposit box fees) must exceed 2% of your Adjusted Gross Income (AGI).

Even then, you're only allowed to deduct the miscellaneous expenses above and beyond 2% of your AGI – not the full amount.  You can enter your tax preparation fees in TurboTax following these instructions:

1. Choose the Federal Taxes tab ( Personal Tab in home and business)
   
2. Select Deductions and Credits
3. Scroll down to Other Deductions and Credits
4. Click start next to Tax Preparation Fees.