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Get your taxes done using TurboTax
It looks like turbotax is including interest from savings accounts in worksheet A3 which require the N158. This is not how it worked last year. Is this an error? or a change in tax laws?
Edit: The N-158 states:
"Exception. You do not have to file Form N-158 if all of the following apply.
• Your investment income from interest and ordinary dividends is more than your investment interest expense.
• You do not have any other deductible investment expenses.
• You do not have any carryover of disallowed investment interest expense from 2018."
I think this implies that a savings account which earns interest doesn't apply, unless the last two are also true.
May 31, 2020
4:20 PM