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For JPMorgan managed account I paid $10,283.74 in charges and fees. I can't deduct on federa. but yes on CT return. Correct?

I am taking std deduction on federal;
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LenaH
Employee Tax Expert

For JPMorgan managed account I paid $10,283.74 in charges and fees. I can't deduct on federa. but yes on CT return. Correct?

No, management investment fees are not deductible on your Connecticut return. 

 

This type of deduction was a "below-the-line" deduction prior to the Tax Cuts and Jobs Act of 2017. While some states allow deductions that differ from federal rules, Connecticut is not one of them. In fact, Connecticut does not incorporate standard or itemized deductions in its income tax calculation. 

 

Per the State of Connecticut, federal “below-the-line” exemptions and deductions are not included in Connecticut’s state income ta...

 

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