AmyC
Expert Alumni

Investors & landlords

IL Instructions refer you to 2023 IL-1040 Schedule M Instructions which shows line 17 has expenses for federally exempt income or qualified federal credit so you may have a potential share of a brokerage fee for any exempt portion of your portfolio.

 

A traditional IRA is not federally exempt but a ROTH has the potential to go both ways.

 

The federal government for many years allowed deductions related to making money that could be taxed and many states still do. The federal is expected to have it back for 2026 and your brokerage fees may end up as an itemized deduction then.

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