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jeffbrand4
Returning Member

Deductions for Investment Advisory Fees

Hello. I know I can't deduct investment advisory fees on my federal return but they "might" be deductible on my New York State return. I paid investment advisory fees on both Standard and Roth IRAs. The fees are deducted automatically from the accounts. 2024 is the first year I have taken distributions from the IRAs. The distributions from the Standard IRAs are taxable; the distributions from the Roth IRA are not. Can I deduct the investment advisory fees on my New York State return? Turbo Tax is accepting the deductions but I want to insure my situation qualifies me to do that. Thank you.

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