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wfk1954
Returning Member

CARES act.Has Turbo Tax changed the business interest deduction from 30% to 50% if so I am not seeing it when I enter my interest ?

 
2 Replies
ThomasM125
Expert Alumni

CARES act.Has Turbo Tax changed the business interest deduction from 30% to 50% if so I am not seeing it when I enter my interest ?

I'm not sure if that has been update yet. If you are using the desktop TurboTax, have you run your updates?

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AmeliesUncle
Level 13

CARES act.Has Turbo Tax changed the business interest deduction from 30% to 50% if so I am not seeing it when I enter my interest ?

IF that applies to your tax return, you REALLY should be going to a tax professional.  The change of that limitation is based on a law that only applies to businesses with average receipts/income of over $25 million.  A business of that size should really be going to a tax professional.

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