Q:

Is the TurboTax fee tax deductible?

A:

Quick Answer

Tax preparation fees, including fees paid to TurboTax or the cost of TurboTax software, are tax deductible, according to Intuit, the maker of TurboTax. However, only taxpayers who itemize deductions can deduct the fees. This means that taxpayers taking advantage of the standard deduction cannot claim their tax preparation fees.

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Is the  TurboTax fee tax deductible?
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Full Answer

To qualify for the deduction, taxpayers must have miscellaneous expenses totaling 2 percent of their adjusted gross income, or AGI, for the year, notes Intuit. Only expenses exceeding 2 percent of the AGI are deductible. Tax preparation fees are deductible for the year they are paid, advises the Internal Revenue Service. For example, on a 2015 return, a taxpayer can deduct the fees paid in 2015 for processing a 2014 return.

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