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

[hodellanderson]

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"?

[IreneS · Accepted solution]

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:

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

[Edited | 4/8/2020 |  11:00am PDT]