Where do I enter that I paid $1962.61 in advisor's fees?

Investment expenses are no longer deductible as an itemized deduction on your federal return but may be deductible on your state return. This deduction has been suspended by the Tax Cuts and Jobs Act of 2018.

 

Your investment advisor fees can be entered as a miscellaneous itemized deduction on your Schedule A which will flow to your state return if your state doesn't conform with The Tax Cuts and Jobs Act of 2018.

 

Follow the instructions below:

 

1. Open TurboTax
2. Select Deductions & Credits
3. Scroll down to Other Deductions & Credits
4. Select Other Deductible Expenses
5. Select Yes to Did you have any of these less common expenses?
6. Enter the Description "Investment expenses" and the amount
7. If your state doesn't conform with federal, you will see the deduction on your state return.

 

Refer to the TurboTax article Tax Tips for Investors for more information.