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BARRY75
New Member

Using Turbotax Premier, whre do I enter Investment Expense?

 
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5 Replies
MollsBBU
New Member

Using Turbotax Premier, whre do I enter Investment Expense?

To reach this entry:

  1. Sign in to My TurboTax.
  2. Next, click the orange Take me to my return button
  3. From within your return, click Federal Taxes
  4. Then, Deductions & Credits
  5. Scroll to the Retirement and Investments section
  6. You will find two expenses sections:
    Investment Interest Expenses - If you borrow money to finance investments, the interest you pay is considered investment interest. If you have investment interest expense, you can deduct it up to the amount of your net investment income.
    Other Investment Expenses - To qualify for this deduction, your investment and other miscellaneous expenses have to exceed 2% of your adjusted gross income (AGI).

If you need additional guidance, please comment back.

Using Turbotax Premier, whre do I enter Investment Expense?

It won't let me enter any info under: Other Investment Expenses

MoniqueLO_
Intuit Alumni

Using Turbotax Premier, whre do I enter Investment Expense?

Which TurboTax product are you using? Please let us know so we can further assist you.

@randsom


 

Using Turbotax Premier, whre do I enter Investment Expense?

TT Premier 2021 CD

JohnB5677
Employee Tax Expert

Using Turbotax Premier, whre do I enter Investment Expense?

Prior to 2017 taxpayers were allowed a tax deduction for certain expenses known as “miscellaneous itemized deductions.” Miscellaneous itemized deductions included expenses such as fees for investment advice, IRA custodial fees, and accounting costs necessary to produce or collect taxable income. For tax years 2018 to 2025, these deductions have been eliminated.  

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