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On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management fees related to IRA and non-IRA accounts? Thank you.

Forum|Forum|5 years ago
March 7, 2021
7 replies
67 views

No text available

TurboTax Premier Online

Best answer by LenaH

Yes. In Other Expenses (Line 24 of the IT-196), you can deduct the total amount you paid to produce or collect taxable income and manage or protect property held for earning income. This includes: custodial (for example, trust account) fees. and your share of the investment expenses of a regulated investment company.

Line 24 is also grouped in with unreimbursed job expenses, job related education expenses and tax preparation fees. All of your deductions for these lines are summed together and only deductible if they exceed 2% of your recomputed federal adjusted gross income (Line 19a on Form IT-201). I have attached a picture below for additional guidance.

Employee Tax Expert

Answer

Employee Tax Expert

Yes. In Other Expenses (Line 24 of the IT-196), you can deduct the total amount you paid to produce or collect taxable income and manage or protect property held for earning income. This includes: custodial (for example, trust account) fees. and your share of the investment expenses of a regulated investment company.

Line 24 is also grouped in with unreimbursed job expenses, job related education expenses and tax preparation fees. All of your deductions for these lines are summed together and only deductible if they exceed 2% of your recomputed federal adjusted gross income (Line 19a on Form IT-201). I have attached a picture below for additional guidance.

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tessie2701Author

Level 2

Thank you for providing answer to question.