How do I deduct Financial advisor fees for managing financial portfolio? I have the current 2019 Turbo premium product

Forum|Forum|5 years ago
July 15, 2020
2 replies
5 views

Entering of financial advisor fees; ie Ameriprise

TurboTax Self Employed Online

Best answer by Anonymous_

Investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income are miscellaneous itemized deductions and are no longer deductible.

See https://www.irs.gov/publications/p529#en_US_2019_publink10004392

Anonymous_Answer

Level 15

See https://www.irs.gov/publications/p529#en_US_2019_publink10004392

Giovanni1064

Level 2

How do I deduct the Financial Advisor fees for the 2020 Tax year.

MayaD

Alumni - Intuit

The Financial Advisor fees is considered Investment Expenses. Under the new tax law, investment expenses aren't deductible on your federal return, but some states still allow you to deduct them on your state return.

To enter your Expenses:

Sign into your TurboTax account
Select Federal Taxes tab
Select Deductions & Credits
Scroll to Retirement and Investments
Select Other Investment Expenses

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tco0243

Level 2

I have a local financial advisor I meet with in person, and gave a one-time payment to develop a financial plan. This is not the faceless investment management fees that are built into mutual funds etc you buy thru a broker. Can I deduct the payment to my financial advisor?