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I have investment expense of $4949 I understand I can't deduct these on my Federal Return. Can I deduct these on my Pa or Va return?

 
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SabrinaD2
Employee Tax Expert

I have investment expense of $4949 I understand I can't deduct these on my Federal Return. Can I deduct these on my Pa or Va return?

No, generally you cannot deduct investment expenses on your non-business Pennsylvania or Virginia state tax returns.

 

Pennsylvania

Pennsylvania does not allow deductions for investment expenses. A list of other deductions and subtractions can be found here.

Virginia

Virginia follows the same rules as the IRS for itemized deductions. While Virginia does not offer a tax deduction for nonbusiness investment expense and list of other deductions can be found here.

 

When you log into TurboTax and begin the process of filing your state taxes, TurboTax will guide you through determining tax deductions and credits for both Pennsylvania and Virginia.

 

Using TurboTax for State Taxes

  1. Log into TurboTax and navigate to your tax return
  2. Be sure you have entered state information under About Me>Personal Information
  3. Click on the "State" tab to start your state tax return.
  4. Select your state via drop down (Pennsylvania or Virginia) and follow the prompts.
  5. TurboTax will guide you through the process of identifying eligible deductions and credits for your selected state.

If you were referring to business deductions reach back out.

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