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Only investment expenses that are entered on Forms 1099-INT, 1099-DIV, or 1099-OID are transferred to the screen titled Itemized Deductions - Other Expenses and shown as Investment fees & expenses from a regulated investment company. You are not able to add to the amount on that screen, but can enter other investment expenses as explained below.

To enter or review investment expenses (if you do not receive a Form 1099-INT or Form 1099-DIV on which the investment expenses appear in box 5, OR a Form 1099-OID on which the investment expenses appear in box 7): 

  1. From within your TaxAct® return (Online or Desktop) click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Itemized or Standard Deductions to expand the category, then click Other expenses related to taxable income - Subject to 2% of AGI limit
  3. On the first screen titled Itemized Deductions - Other Expenses - Subject to 2% of AGI Limit you will see an amount on the line Investment fees & expenses from a regulated investment company for the amounts that have been entered on Forms 1099-INT, DIV, or OID, if applicable.
  4. Enter the other investment expenses in the field Investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income.

Additional Information

Investment expenses (other than interest expenses claimed on IRS Form 4952) are deducted as miscellaneous itemized deductions on Line 23 of Schedule A. To be deductible, these expenses must be ordinary and necessary expenses paid or incurred:

  1. To produce or collect income, or
  2. To manage property held for producing income

The expenses must be directly related to the income or income-producing property and the income must be taxable to you.

For additional information please refer to IRS Publication 550 Investment Income and Expenses (Including Capital Gains and Losses).


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