Question

For JPMorgan managed account I paid $10,283.74 in charges and fees. I can't deduct on federa. but yes on CT return. Correct?

Forum|Forum|1 year ago
February 19, 2025
1 reply
0 views

I am taking std deduction on federal;

No, management investment fees are not deductible on your Connecticut return.

This type of deduction was a "below-the-line" deduction prior to the Tax Cuts and Jobs Act of 2017. While some states allow deductions that differ from federal rules, Connecticut is not one of them. In fact, Connecticut does not incorporate standard or itemized deductions in its income tax calculation.

Per the State of Connecticut, federal “below-the-line” exemptions and deductions are not included in Connecticut’s state income tax calculation because they are claimed after calculating federal AGI. This includes the standard deduction and itemized deductions for medical and dental expenses, home mortgage interest, and gifts to charity, among others.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"