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Agency fee allocation t tax exempt income?

I received a 1099 for investment trust that I have.  It includes a page titled Expenses, Agency Fees, and list the total amount of agency fees I paid (these are the fees paid to the trust to manage the portfolio) and then includes an amount that is "availalble for allocation to tax exempt income."

 

What do I do with this amount? I don't find a place in TurboTax to enter it.

 

Any help would be appreciated!

 

Michael

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1 Reply
DaveF1006
Employee Tax Expert

Agency fee allocation t tax exempt income?

It depends. if you are preparing a 1040 return, there is not a place to enter this information.  If you are preparing a 1041 return, go to Federal Taxes>deductions>expenses taxes and fees>other deductions.  Press continue in the first screen and then you will reach a screen that looks kike this screenshot.  This is where you will enter an amount that is "available for allocation to tax exempt income."

 

 

 

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