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Why did TurboTax fill out a form 4952 but not submit it with my return?

this form was required by the K-1 I received from a trust. TurboTax filled it in but did not submit it to the IRS. what gives?
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1 Reply
DianeW777
Expert Alumni

Why did TurboTax fill out a form 4952 but not submit it with my return?

It depends.  The form would be used to calculate the investment interest expense deduction even when the form may not be required to be filed with your tax return.

 

Who Must File 

If you are an individual, estate, or a trust, you must file Form 4952 to claim a deduction for your investment interest expense. Exception. You don’t have to file Form 4952 if all of the following apply. 

• Your investment income from interest and ordinary dividends minus any qualified dividends is more than your investment interest expense. 

• You don’t have any other deductible investment expenses. 

• You don’t have any carryover of disallowed investment interest expense from 2022. 

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