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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Does everyone agree with the treatment of investment advisory fees being passed out to a benefiary as a NY subtraction
Does everyone agree with the treatment of investment advisory fees being passed out to a benefiary as a NY subtraction
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LMT
Level 1
03-27-2021
08:00 PM
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I entered investment advisory fees subject to 2% on the fiduciary input screen and I am not sure if the result I am getting is correct. It's going to the IT-225 coded as S 139 and gets passed out to the beneficiary as a NY subtraction adjustment. It doesn't seem right...how can it be a direct adjustment to income
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1 Comment 1
sjrcpa
Level 15
03-27-2021
08:56 PM
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New York?
No that does not sound right.
The more I know, the more I don't know.
