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

[nobble]

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.

[KarenL2]

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