Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
j4p3l3ch
Returning Member

I have $1,135 in investment expenses. My software says I need $876 to claim yet it will not take the remaining portion. Why not?

 
1 Best answer

Accepted Solutions
CherylW
Level 3

I have $1,135 in investment expenses. My software says I need $876 to claim yet it will not take the remaining portion. Why not?

Are you talking about the 2% limitation?

According to the above calculations, you should get $259 on line 27 of your Schedule A.

Did you beat the standard deduction (see chart below) with your total deductions?

Turbo Tax gives you the higher of the two.

View solution in original post

2 Replies
CherylW
Level 3

I have $1,135 in investment expenses. My software says I need $876 to claim yet it will not take the remaining portion. Why not?

Are you talking about the 2% limitation?

According to the above calculations, you should get $259 on line 27 of your Schedule A.

Did you beat the standard deduction (see chart below) with your total deductions?

Turbo Tax gives you the higher of the two.

j4p3l3ch
Returning Member

I have $1,135 in investment expenses. My software says I need $876 to claim yet it will not take the remaining portion. Why not?

HI This did not totally help me.  As the statement in the software says that I only need $876 to qualify, yet it is $876 above what I already included in order to qualify for the deduction 2%.  Looking at Schedule A, Line 24 is $1200 but line 27 is $2076, thus I need $ 876 more to qualify.  Not just $876 in total.  Thus Line 27 on schedule A = $0.  This should be corrected to explain this more clearly.
Thank you.
Dynamic AdsDynamic Ads
Privacy Settings
v