Form N-158, Rev. 2021, Investment Interest Expense Deduction will be generated when you’ve input investment interest expense information in the federal portion of your return, and your investment interest expenses are less than your net investment income.
To remove investment interest expenses in TurboTax Online:
- If you’re on the Hi TurboTax Client, let's keep working on your taxes! screen, select Deductions & Credits. Otherwise, select Federal in the left pane, and then select Deductions & Credits in the banner
- Scroll down and click Show more to the right of Retirement and Investments
- Select Revisit to the right of Investment Interest Expenses
- Remove any unwanted information on the subsequent screens
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