You'll need to sign in or create an account to connect with an expert.
Yes, as long as the fees didn't already adjust your basis in your investments. It is a Miscellaneous itemized deduction on Schedule A. They are subject to a 2% of Adjusted Gross Income threshold. But, if they are high enough and you itemize deductions on Schedule A, it might benefit you.
To get to the general area to enter those fees: While inside the software and working on your return, type investment expenses in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to investment expenses. Select that to get to the general area.
Follow the screens to the one that asks for investment advisor fees (or similar) and enter it there.
On Schedule A (Form 1040), line 23, you can deduct expenses that you pay:
1. To produce or collect income that must be included in your gross income,
2. To manage, conserve, or maintain property held for producing such income, or
3. To determine, contest, pay, or claim a refund of any tax.
You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes.
Yes , if the account is a taxable account.
No, if the account is a tax-deferred account.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Tax_Lego
Returning Member
justletmein
New Member
jmjohnson_75154
New Member
toodeep1
New Member
narayananvm
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.