Are miscellaneous deductions allowed in 2024 for annuity surrender losses?

Fortran72 · ‎March 18, 2025

I got my money back from a insurance annuity contract, but got less back. Some of the loss was the surrender fee which I understand is not tax deductible. The remaining loss was at one time able to be listed as a miscellaneous deduction when itemizing deductions. Is this still allowed in 2024? If so, how do I enter this miscellaneous deduction in 2024 Turbotax?

MinhT1 · ‎March 19, 2025

This is no longer deductible.

Most miscellaneous itemized deductions subject to the 2% AGI limit are no longer deductible, as enacted by the Tax Cuts and Jobs Act of 2017.

Please read this IRS document for more information.

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View solution in original post

MinhT1 · ‎March 19, 2025

This is no longer deductible.

Most miscellaneous itemized deductions subject to the 2% AGI limit are no longer deductible, as enacted by the Tax Cuts and Jobs Act of 2017.

Please read this IRS document for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Are miscellaneous deductions allowed in 2024 for annuity surrender losses?