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Retirement tax questions
The data entry for margin interest is as follows:
1. Federal Taxes
2. Deductions & Credits
3. Scroll down to Retirement and Investments, select Investment Interest Expenses. Interest only up to the amount of your net investment income is deducted.
As to the AMT, although the margin interest may affect your AMT it is quite small of an amount to affect it greatly. Only the difference between the regular tax deduction for investment interest and the AMT deduction for investment interest is an AMT adjustment.
Please be sure to visit Other Tax Situations Tab, Alternative Minimum Tax section. Turbo Tax will determine if you are subject to AMT.
‎June 5, 2019
10:27 PM
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