LLC and packet from the CPA,states ---Portfolio Deductions subject to 2% disallowed by Federal, may be deductible on your state Taxes.?????

bcederlind · ‎June 1, 2019

My wife has an LLC. The packet from the CPA states in the K-1 footnotes:

PORTFOLIO DEDUCTIONS SUBJECT TO 2% DISALLOWED BY FEDERAL, MAY BE DEDUCTIBLE IN YOUR STATE. ????? WE LIVE IN AZ.

Rick19744 · ‎June 1, 2019

While AZ does allow for itemized deductions, it does not appear that the portfolio deductions subject to 2% is an itemized deduction.

See the attached link to download a copy of the form and instructions:

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

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