I got my money back from a insurance annuity contract, but got less back. Some of the loss was the surrender fee which I understand is not tax deductible. The remaining loss was at one time able to be listed as a miscellaneous deduction when itemizing deductions. Is this still allowed in 2024? If so, how do I enter this miscellaneous deduction in 2024 Turbotax?
This is no longer deductible.
Most miscellaneous itemized deductions subject to the 2% AGI limit are no longer deductible, as enacted by the Tax Cuts and Jobs Act of 2017.
Please read this IRS document for more information.
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