On my 2023 Federal tax return I entered $16,000 for Investment Advisor Fees, they were not carried to California tax return

Forum|Forum|1 year ago
December 25, 2024
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hi turbo tax community, On my 2023 Federal tax return I entered $16,000 for Investment Advisor Fees, they were not carried to my California tax return. I expect to see them as Other expenses: investment, safe deposit
box, etc. List type .., this shows as $0. Can someone explain?

JB_tax_manAuthor

is this a bug ? user error or what? how do I report a bug? there's >2100 views and no response.

TomD8

Employee

Investment advisor fees are deductible on a California return only if:

1. you itemize deductions on your CA return;

2. the deductions exceed 2% of your AGI;

3. the fees relate to taxable investment accounts.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

JB_tax_manAuthor

thank you for the response. my question isn't about whether CA investment fees are tax deductible, in my case it appears that they are or may be. I can't seem to enter the value on my CA return. Is that a bug?

my question is since I took the standard deduction for Federal tax, how do I make the investment fee entry on CA 540 schedule California Adjustments Part II Adjustments to Federal Itemized Deductions line 21?

thanks in advance