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Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

 
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11 Replies

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

Margin interest is still deductible as an itemized deduction on Schedule A.  Or are you referring to some other type of investment fee?

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

I am asking about advisory fees, not margin interest. Thanks

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

The program will let you enter the advisory fees but will not include those fees on Schedule A.  Some states have not followed the Federal tax code for removing certain deductions so the those fees could be used on a state tax return.

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

As stated in the TurboTax On Demand Tax Guidance -

Under the new tax law, other investment expenses aren't deductible on your federal return, but some states still allow you to deduct them on your state return.

We'll figure out if these expenses can affect your state return and do the calculations for you.

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

I know they are not deductible,  but the software is showing them as deductible on Federal return. I have updated software for all new laws. It must be a bug  in software, but I don't know how to report problem to Turbo Tax.

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

On what Line of the Schedule A are you seeing the amount of advisory fees entered?

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

The amount was entered from a K-1 schedule and is showing up on Line 16-Other on Schedule A.

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

Would the following apply to your Schedule K-1 that was entered and the amount entered on Schedule A Line 16 -

"From line 13 of the Schedule K-1 Partnerships Worksheet when code L is selected and line 12 of the Schedule K-1 S Corporations Worksheet, when code L is selected. When the partnership or S Corporation is subject to at-risk limitations, then from line F of the Disallowed Losses Smart Worksheet on the corresponding Form 6198."

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

K-1 line 13 is coded as "L".

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

That is why the amount is showing on Schedule A Line 16 according to the TurboTax On Demand Guidance.

Why is turbo tax transferring investment expenses to Schedule A when tax law changes prohibit?

Thank you for your assistance.
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