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Does my investment in online website access to stock trading education considered an "Other" deduction?

I purchased access to a stock trader's website for educational purposes to learn trading strategies, etc., so this is an investment and it cost me about $900. Can this be deducted in the "Other" investments area of Turbo Tax Premier? His company (website) is registered as an LLC in the state of Washington.

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3 Replies

Does my investment in online website access to stock trading education considered an "Other" deduction?

such expenses are no longer deductible for federal income tax purposes.  some states allow some itemized deductions that the federal doesn't.  if you want to enter it, it would be under schedule A itemized deductions under the section for state only. 

 

Does my investment in online website access to stock trading education considered an "Other" deduction?

Thank you. So to confirm I do not put it anywhere in the federal tax portion of TT to be carried over to the state? Just enter it directly into the state?

JeffreyR77
Expert Alumni

Does my investment in online website access to stock trading education considered an "Other" deduction?

No you still enter this expense in the  Federal Taxes,  Deductions and Credits, Retirement and Investments, Other Investment Expenses.  There is no place to enter this information in the state interview.

 

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