I have fiduciary fees listed on Schedule k-1. Are these deductable?

On my k-1 form from a trust that is managed by a bank can I deduct "Fiduciary fees"and/or "other deductions subject to 2% AGI floor"?

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1 Best answer

Intuit Alumni

Jun 5, 2019 5:18:40 PM

UPDATED FOR TAX YEAR 2019

No. Because of the Tax Cuts and Jobs Acts (TCJA), you can no longer deduct miscellaneous itemized deductions such as "investment expense" on Schedule A for tax years 2018-2025. You can still enter them in case they are deductible on your state return.

To enter the fiduciary fees in TurboTax please follow these steps:

While in your return, click Federal Taxes > Deductions > I'll choose what I work on [In TurboTaxOnline: Federal > Deductions & Credits]
On the Deductions page, scroll down to the Retirement and Investments section and click the Start/Update box next to Other Investment Expenses.
On the Other Investment Expenses screen, click the blue Yes box.
On the next screen, Enter Investment Expenses, enter the fiduciary fees.

[Edited | 4/8/2020 | 11:00am PDT]