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New Member
posted Jun 7, 2019 3:45:51 PM

Using Turbotax Premier, whre do I enter Investment Expense?

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5 Replies
New Member
Jun 7, 2019 3:45:53 PM

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.

Level 3
Apr 3, 2022 11:03:41 AM

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

Intuit Alumni
Apr 3, 2022 11:42:43 AM

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

@randsom


 

Level 3
Apr 3, 2022 11:44:27 AM

TT Premier 2021 CD

Expert Alumni
Apr 3, 2022 12:03:38 PM

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.