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How much of the turbotax fee is considered the "business portion"? (as listed in the text box for miscellaneous expenses)

Forum|Forum|4 years ago
April 4, 2022
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we're using the web-based version of Turbotax

TurboTax Self Employed Online

Best answer by Vanessa A

The business portion would be the difference between what the lowest cost software would cost that you could use if not for having the business and the cost of TurboTax Self-Employed. So, if all of your other income was from W-2's and you have a simple return, you could choose the entire amount as you were able to file for free for simple returns. Otherwise, it would be the difference in the cost of Deluxe and Self-Employed.

DaveF1006

To clarify, are you entering this as an itemized deduction or a business expense in Schedule C?

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T

trustinbeingAuthor

I don't know, it didn't say schedule C. It was the prompt about miscellaneous expenses for the business, and I clicked on "learn more" and it gave tax preparation software as an example, but only the "business portion". I assume they mean since we are filing a joint return, we can deduct however much of the turbotax preparation charge counts as for the business... but what proportion is that?

V

Vanessa AAnswer

The business portion would be the difference between what the lowest cost software would cost that you could use if not for having the business and the cost of TurboTax Self-Employed. So, if all of your other income was from W-2's and you have a simple return, you could choose the entire amount as you were able to file for free for simple returns. Otherwise, it would be the difference in the cost of Deluxe and Self-Employed.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"