Deductions & credits
The deduction for Investment Management fees was repealed in 2018, but will be reinstated for 2025 tax returns.
However, in 2023 some states allowed the deduction if you itemized your state return.
These are no longer deductible from federal taxable income but some states do allow investment advisory fees to be deducted as itemized deductions if you are able to itemize on your state return. To enter:
- Log into Turbo Tax
- Go to Federal>deductions and credits
- Retirement and investment
- Other investment expenses.
You will see Investment Expenses on Schedule A, Line 16, Misc Itemized Deductions Worksheet.
You should then see them on CA 540, Line 21.
