Are charitable contributions and tax adviser fees deductible in NY State?

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this is a NEW YORK STATE QUESTION: Are charitable contributions and Investment advisor fees deductible this year? They were in 2019.

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LenaH

Alumni - Expert

If you itemized charitable contributions on Schedule A of your 1040, then the contributions are deductible on your NYS return. If you took the $300 deduction for contributions (on top of the standard deduction), then that amount is not deductible.

You can also deduct your share of the investment expenses of a regulated investment company.

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Timfd

Level 2

Can somebody update the answer for 2022 NY State income tax?

I see conflicting info on the internet. TTAX 2022 allows me to enter advisory fees in miscellaneous investment expenses and they do reduce what TTAX says I owe to NewYork State.

Thanks in advance.

Opus 17

Level 15

@Timfd wrote:

Can somebody update the answer for 2022 NY State income tax?

I see conflicting info on the internet. TTAX 2022 allows me to enter advisory fees in miscellaneous investment expenses and they do reduce what TTAX says I owe to NewYork State.

Thanks in advance.

New York State still uses the definition for tax deductions that the federal government used before the tax reform that took effect in 2018. Miscellaneous itemized deductions subject to the 2% rule are still allowed on your NY state income tax return, how much you actually benefit depends on your overall income and deductions.