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Returning Member
posted Jun 3, 2019 11:28:51 AM

Tax Year Prior to 2020: Deduction of managed account fees.

I entered my Fidelity managed account fees and it made a significant reduction of my State tax but did not affect my Federal tax. I thought these fees were valid deductions for both Federal and State.

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1 Replies
Level 5
Jun 3, 2019 11:28:53 AM

Yes, it is a valid deduction for your federal return.  However, only the amount over 2% of your Adjusted Gross Income will be taken as a deduction.  Also, it goes on Schedule A Itemized Deductions.  If they are high enough and you itemize deductions on Schedule A, it might benefit you.

How does the itemized deduction differ from the standard deduction?

https://ttlc.intuit.com/replies/3302313

 

What's my standard deduction?

https://ttlc.intuit.com/replies/4208574