Steve W CPA
Level 2

Portfolio expenses that were formerly subject to the 2% rule should NOT be shown as nondeductible expenses on 18 C.  They should be on Line 13, Code W.  In ProSeries, and probably in some other programs, the preparer can then go thru a list to indicate what type of Code W expense it is.  This allows the program to deduct the expense in those states which still allow it. 

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