Can I deduct the monthly management fees I pay my financial advisor to manage my IRA account?

Investment advice fees are not deductible on your federal return but may be on your state return. 

Regarding real estate taxes, Homestead Exemption is granted to all Class III single family owner occupied properties. This exemption allows the property owner to deduct up to $4,000.00 in state tax and $2,000.00 in county tax from the total assessed value of the property. You must own and occupy the property as your primary residential address.

No, management fees for an IRA account are not deductible on your 2023 tax return.  See the following TurboTax help article for more information:  Can I deduct IRA management fees?

 

Yes, property taxes paid on your principal residence can be deducted on your Alabama state tax return if you qualify to use itemized deductions on your Alabama tax return.  You do not have to use itemized deductions on your Federal return in order to use itemized deductions on your Alabama return.  TurboTax will determine which method is best on your state and Federal return.  

 

All information entered on your Federal return will flow to the Alabama return, including the property tax that you paid.  You will not need to enter that amount separately on your state return.  Use the following steps to enter your property tax as part of your Federal return so that the information can be carried to your state:

 

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner) 
• This opens a box where you can type in “property tax” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to property tax”
• Click on the blue “Jump to property tax” link and enter your information

@dottiel