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Business & farm
UPDATED FOR TAX YEAR 2019
No. Because of the Tax Cuts and Jobs Acts (TCJA), you can no longer deduct miscellaneous itemized deductions such as "investment expense" on Schedule A for tax years 2018-2025. You can still enter them in case they are deductible on your state return.
To enter the fiduciary fees in TurboTax please follow these steps:
- While in your return, click Federal Taxes > Deductions > I'll choose what I work on [In TurboTaxOnline: Federal > Deductions & Credits]
- On the Deductions page, scroll down to the Retirement and Investments section and click the Start/Update box next to Other Investment Expenses.
- On the Other Investment Expenses screen, click the blue Yes box.
- On the next screen, Enter Investment Expenses, enter the fiduciary fees.
[Edited | 4/8/2020 | 11:00am PDT]
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‎June 5, 2019
5:18 PM
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