Federal "other deductible expenses"

[mark125]

I'm using TT Premier, on-line. I need to edit the Federal "other deductible expenses" inquiry, which shows a deduction of $2,304. I need to change this number, but I don't see this number in any of the following questions or information in this section. How , or where, do I access this number/entry? I really don't want to delete any forms if possible, I just want to change this entry. Note this entry was *not* made originally through the standard inquiry pages, but came up only as a question when the returns where being reviewed, and I have never seen a method for changing the input after the review. These are investment software expenses and charges. Thank you.

[AmyC]

Please return to the federal Deductions and Credits section. Scroll down to Other Deductions and Credits. Locate the fees entered and edit that section. Legal fees would be the most appropriate but you could have entered the expenses differently.

[Mark1150]

Thank you for the reply. I've gone through that section as suggested, and the number I need to change does not appear anywhere in the query fields. But is still shows up in the "other deductible expenses" summary page for TY 2021, so it's still there, somewhere. Any ideas are welcome, thank you.

[AnnetteB6]

If you had any K-1s included as part of your return, the expense may have been entered there.

Since you know what the number represents, go back to the income section associated with that expense.  A K-1 or Schedule C entry would seem to fit that type of expense.

@Mark1150

[Mark1150]

Thanks. I checked my return via the Fed/State forms, and the number does not appear in any K-1's. The number I need to change shows up under the CA Sched 540, side 5, part II, line 21 "other expenses". I have already deleted and done the State tax input again, but there were no questions looking for this number, or any way to change it. But the number remained, so the state return is accessing the number from the Fed "other deductible expenses" area. Is there any way I could just directly edit my state form, and have TT recalculate the tax? Thank you.

[PatriciaV]

You originally said these were investment expenses. These are reported as Itemized Deductions on Schedule A. If you entered an amount during the Federal Review, your entry should be available to be revised.

To review this section in TurboTax Online, open your return, then:

1. Go to Tax Tools in the left column >> Tools >> Topic Search. Type in "investment expenses", click the topic in the list, the GO to go directly to the start of this section.
2. Answer yes to the question "Do you have 2021 investment interest expenses...?"
3. The next page should list the amounts you have entered. You can change the description or the amount.

When you are finished, the amount should appear under Deductions & Credits >> Other Deductible Expenses near the bottom.

You may need to revisit the California State section to integrate the new information.

[Mark1150]

Thank you for the response.  I followed your instructions, but that section is specific to "interest" expenses, which I don't have, and the number/input I am looking to change does not appear in that section. The investment expenses I have are for investment software and service expenses, and I can't find the field that would allow me to change that. The main problem I have is that I can see the number in my "printed" PDF tax forms, but I can't access my tax forms in the system. If I could just get access to my forms, I could change this number easily, and hopefully TT would recalculate the taxes base on the new input.

[DMarkM1]

You are correct.  In online versions, you cannot edit the forms directly. 

It appears there are two places in the federal interview where investment expenses entered show up on the form Schedule CA (540) line 21 "Other Expenses".  

1.  In the "Retirement and Investments" section under the "Deductions & Credits" tab, using the "Other Investment Expense" topic.  

2.  The other is box 6 on a form 1099-DIV.