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Are investment advisory fees deductible on California state tax(2018)?
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June 7, 2019
5:29 PM
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State tax filing
Please read this answer from Rocket J Squirrel which addresses your question:
https://ttlc.intuit.com/replies/7244557
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June 7, 2019
5:29 PM
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State tax filing
It depends whether your total CA itemized deductions exceed the Ca standard deduction. If you use the CA standard deduction, it would not make any difference.
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June 7, 2019
5:29 PM
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State tax filing
Using itemized it need to be greater than 2% of your AGI, correct?
June 7, 2019
5:29 PM
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State tax filing
I could not locate the "Adjustments to Income" in the California "Show Topic List." Please help!
June 7, 2019
5:29 PM
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State tax filing
Were Investment Income Expenses deductible on CA or Fed returns earlier than 2018?
June 7, 2019
5:29 PM
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State tax filing
Enter your investment advisory fees and other miscellaneous deduction in the Itemization section of the Federal return. They won't count for Federal taxes but Turbo Tax carries them to your CA return and adds them. subject to 2% threshold, to your Federal itemization. You can view the result by going to the forms view and going to the CA form which shows the addition of the miscellaneous expenses to the Federal Itemized expenses.
March 4, 2020
2:59 PM