Can we deduct cost of turbo tax?

Forum|Forum|7 years ago
June 4, 2019
2 replies
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TurboTax Self Employed Online

Best answer by MargaretL

Yes, you can. The tax preparation fees are deductible as itemized expenses. Here is data entry:

Federal Taxes
Deductions & Credits
Other Deductions & Credits
Tax Preparation

NOTE: Most of the individuals do not get a tax benefit from the tax preparation deduction because it is governed by two rules...To get the deduction, you need to:

Itemize your deductions; and
The sum of your miscellaneous expenses (which also includes things like unreimbursed employee-related expenses, investment expenses, and safe deposit box fees) must exceed 2% of your Adjusted Gross Income (AGI).

SweetieJean

Alumni - Champ

Only the amount you paid in 2016, not what you are paying now.

MargaretLAnswer

Level 12

Yes, you can. The tax preparation fees are deductible as itemized expenses. Here is data entry:

Federal Taxes
Deductions & Credits
Other Deductions & Credits
Tax Preparation

NOTE: Most of the individuals do not get a tax benefit from the tax preparation deduction because it is governed by two rules...To get the deduction, you need to:

Itemize your deductions; and
The sum of your miscellaneous expenses (which also includes things like unreimbursed employee-related expenses, investment expenses, and safe deposit box fees) must exceed 2% of your Adjusted Gross Income (AGI).