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TurboTax prep fees are themselves taxed. Do I include that tax in the amount I claim as a deduction?
(This is another reason why TurboTax should autopopulate last year's tax prep fee.)
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June 6, 2019
4:19 AM
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Deductions & credits
If you itemize your deductions, you may claim the cost of your Turbotax program as a miscellaneous deduction subject to 2% of your adjusted gross income. Follow these steps to include the cost of your software on your Schedule A:
• Open your tax return in Turbotax
• Select the Federal Taxes tab at the top of your screen
• Select Deductions and Credits
• Click I'll choose what I work on
• Scroll down the page to the section titled Other Deductions and Credits
• Select Show More at the right
• Select Start to the right of Tax Preparation Fees
• Go through this section and enter the cost of your program.
June 6, 2019
4:19 AM
174 Views