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New Member
posted Jun 4, 2019 5:47:26 PM

Ientered my Financial Advisory Fees for 2018 in TurboTax and they do exceed 2% of my AGI. The forms sent left "Other Itemized Deductions" blank. Why?

Please see above

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1 Best answer
Expert Alumni
Jun 4, 2019 5:47:27 PM

Up to tax year 2017, investment expenses were part of miscellaneous itemized deductions subject to the 2% of AGI floor.

Under the Tax Cuts and Jobs Act, the miscellaneous itemized deductions subject to the 2% of AGI floor are suspended for expenses incurred after December 31, 2017 through 2025.

Therefore, your investment expenses are no longer deductible for tax year 2018.


1 Replies
Expert Alumni
Jun 4, 2019 5:47:27 PM

Up to tax year 2017, investment expenses were part of miscellaneous itemized deductions subject to the 2% of AGI floor.

Under the Tax Cuts and Jobs Act, the miscellaneous itemized deductions subject to the 2% of AGI floor are suspended for expenses incurred after December 31, 2017 through 2025.

Therefore, your investment expenses are no longer deductible for tax year 2018.