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

posted

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."