Where do I enter Financial Advisior fees?

3 replies
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Merrill Lynch Financial Advisor Fees?

TurboTax Deluxe Online

PaulaM

Employee Tax Expert

Brokerage advisory fees or financial advisory fees are deductible as a miscellaneous deduction on Schedule A, and must be greater than 2% of your adjusted gross income. To navigate to the section:

Select Federal from the left navigation pane, then Deductions & Credits
Scroll to Retirement and Investments section
Select Other Investment Expenses

[edited, 1/10/18 3:17pm]

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PaulaM

Employee Tax Expert

@rjs Thank you, I'll edit to reflect the proper location.

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rjs

Level 15

Here's how to enter financial advisor fees in TurboTax.

Click Federal Taxes in the left navigation pane.
Click Deductions & Credits.
Click "I'll choose what I work on" or "Jump to a full list."
On the screen "Your 2017 Deductions & Credits" scroll down to the "Retirement and Investments" section.
Click the Start, Update, or Revisit button for "Other Investment Expenses."
The next screen asks if you have investment expenses. Click Yes.
On the next screen enter the financial advisor fee in the box for Investment Advisor Fees.