Is there a way to enter Other Portfolio Income (sc...
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wjort-posteo-net
New Member

Is there a way to enter Other Portfolio Income (schedule E, part 1,line 4) and associated legal expenses (line 10) ?

 
2 Replies
LudwigVan_fan
Level 7

Is there a way to enter Other Portfolio Income (schedule E, part 1,line 4) and associated legal expenses (line 10) ?

Generally, portfolio income is not reported on Sch E.  Part I is used to report income/deductions from rental real estate and Royalty income/expenses.  I interpret your comment of "Other Portfolio Income" to be investment income.  Not reported on Sch E.

See Instructions for Sch E

 

https://www.irs.gov/pub/irs-pdf/i1040se.pdf

 

Link here for Investment Income and Expenses (Portfolio Income)

 

https://www.irs.gov/pub/irs-pdf/p550.pdf

 

 

 

 

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
wjort-posteo-net
New Member

Is there a way to enter Other Portfolio Income (schedule E, part 1,line 4) and associated legal expenses (line 10) ?

I was specifically instructed to enter these details on schedule E (other portfolio income comes from distribution from a trust and expenses are legal fees paid by the trust). Thus my question of  how to force Turbotax to enter these numbers?

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