2

Last year I filed my taxes through turbotax. This year I'm doing it again. There is an option to check if money spent on tax preparation (including tax software like turbotax) is deductible. I spent around $75 last year on tax preparation, but Turbotax says that I can't use that as a deduction.

What are the requirements to make money spent on tax preparation tax deductible?

1 Answer 1

3

Tax preparation fees are deductible on Schedule A (if you choose to itemize your deductions instead of taking the standard deduction) only to the extent that the sum total of all Miscellaneous Deductions exceeds 2% of their Adjusted Gross Income (AGI). For many people, this means no deduction at all because their Miscellaneous Deductions add up to less than 2% of their AGI (or they have opted to take the standard deduction).

1

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .