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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Where can you enter the >2% AGI investment advisory fees so they carry to the 8960
Where can you enter the >2% AGI investment advisory fees so they carry to the 8960
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highhope0816
Level 1
04-16-2021
12:03 PM
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I have greater than 2% of AGI Section 68 investment fees. Of course, can't deduct on A for as long as Trump changes stay. But the 8960 form itself has lines for such. Why would it have lines if it wasn't permitted for investment income tax?
I get an error message when I plug into part 3 line 3 of 8960 worksheet. It says line should be blank.
Anyone have this sorted out?
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1 Comment 1
BobKamman
Level 15
04-16-2021
12:18 PM
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When all else fails, read the instructions.
(Page 18)
Deductions subject to AGI limitations
under section 67 or section 68. Any
deduction allowed against net investment
income that, for purposes of computing
your regular income tax, is subject to
either the 2% floor on miscellaneous
itemized deductions (section 67) or the
overall limitation on itemized deductions
(section 68) is allowed in determining net
investment income, but only to the extent
the items are deductible after application
of both limitations.
Miscellaneous itemized
deductions suspended for tax
years 2018 through 2025.
Miscellaneous itemized deductions under
section 67 are not allowed for tax years
beginning after 2017 and before 2026.
See section 67(g).
