Skip to main content
March 28, 2021
Question

How to deduct investment interest from NJ state tax?

  • March 28, 2021
  • 1 reply
  • 0 views

I was able to deduct the margin interested I paid to my brokers from my Federal Tax using the "Investment Interest" deduction category of TurboTax. How can I deduct it from my NJ state income? I could not find the option in the TurboTax software. 

    1 reply

    March 29, 2021

    New Jersey doesn't allow such a deduction.

    See NJ Income Tax – Deductions for allowable deductions.