Deduct account management fees on Ca State

[jad973]

Can I include account management fees for our investments on the Ca State deductions

[marctu]

 @jad973   thank you for the question.   So California dose not fully conform with the Internal Revenue Code, so they could be be deductible on your California return as miscellaneous itemized deductions.   A miscellaneous itemized deduction is only deducible to the extent that it exceeds 2% of Adjusted Gross Income though, which limits how much can be actually deducted. 

Also, management fees for retirement accounts are deducted from funds in your IRA, 401(k) an such, so  they would not be deductible on your tax return.

All the best,

Marc T.

TurboTax Live Select Time Tax Expert

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