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marcoda
New Member

Investment expenses should be deductible as an itemized deduction subject to 2% of AGI but it's not showing up. It won't matter for fed return but it will for California

 
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2 Replies
rjs
Level 15
Level 15

Investment expenses should be deductible as an itemized deduction subject to 2% of AGI but it's not showing up. It won't matter for fed return but it will for California

"it's not showing up."


Not showing up where? There is no place in the federal tax return to put deductions subject to the 2% of AGI limitation, because no such deductions are allowed on the federal return. So there is no place for them to show up. But you can enter them under Deductions & Credits in the federal section of TurboTax and they will flow to the state tax return for a state that allows the deduction.

 

Investment expenses should be deductible as an itemized deduction subject to 2% of AGI but it's not showing up. It won't matter for fed return but it will for California

the deduction for Federal income tax purposes for these expenses was repealed for tax years through 2025. the purpose of any entry for them is that some states still allow a deduction.

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