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New Member
posted Feb 22, 2024 3:57:34 PM

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

0 2 535
2 Replies
Level 15
Feb 22, 2024 6:34:59 PM

"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.

 

Level 15
Feb 22, 2024 11:59:06 PM

the deduction for Federal income tax purposes for these expenses was repealed for tax years through 2025.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.