Are investment advisor fees deductible in California?

Are investment advisory fees deductible on California state tax(2018)? Enter your investment advisory fees and other miscellaneous deduction in the Itemization section of the Federal return. They won’t count for Federal taxes but Turbo Tax carries them to your CA return and adds them.

Are investment service fees tax deductible?

Investment management fees and financial planning fees could be taken as a miscellaneous itemized deduction on your tax return, like tax preparation fees, but only to the extent that they exceeded 2% of your adjusted gross income (AGI).

Can you deduct investment advisor fees on CA state taxes?

Are investment advisor fees still deductible on 2018 CA state taxes even though they are not allowed on 2018 Federal taxes? Turbotax currently (as of 4-11-18) does not provide a way to include an adjustment to Federal itemized deductions to add these fees for California. This needs to be fixed.

Are there any tax deductions for investment fees?

—Patti. A: There are tax deductions for certain types of fees related to your finances and investments. Line 221 of your tax return – carrying charges and interest expenses – is for claiming management or safe custody fees, investment counsel fees, and similar expenses.

Are there any tax deductions for financial advisers?

Investment management and financial planning fees were tax deductible through tax year 2017. They fell into the category of miscellaneous itemized deductions, and these deductions were eliminated from the tax code by the Tax Cuts and Jobs Act (TCJA) effective tax year 2018. If you could have claimed them but didn’t, all is not necessarily lost.

Can you deduct financial planning fees on your taxes?

Deduction Rules. Like tax preparation fees, investment management fees and financial planning fees may be taken as a miscellaneous itemized deduction on your tax return, but only to the extent that they exceed 2 percent of your adjusted gross income (AGI). Example: If your AGI is $100,000, and you have $3,000 of financial planning,…