No, not on Form 1040.
According to IRS Publication 529, Miscellaneous Deductions,
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.
Although these expenses are no longer deductible on your federal return, some states allow you to deduct them on your state return.
The TurboTax program will figure out if these expenses can affect your state return and do the calculations for you.
To enter these expenses in TurboTax Online:
- If you’re on the Hi TurboTax Client, let's keep working on your taxes! screen, click the Pick up where you left off button
- Click Federal in the left pane, if you’re not already there
- Click Deductions & Credits in the banner
- Scroll down and click Show more to the right of Retirement and Investments
- Click Start to the right of Other Investment Expenses
- Enter all relevant information on the subsequent screens
However, if you had certain expenses related to managing your investments, they may be deductible on your federal return.
Examples include:
- Magazines and other investment-related publications
- Copying fees
- Telephone fees
- Postage fees
To enter these expenses in TurboTax Online:
- If you’re on the Hi TurboTax Client, let's keep working on your taxes! screen, click the Pick up where you left off button
- Click Federal in the left pane, if you’re not already there
- Click Deductions & Credits in the banner
- Scroll down and click Show more to the right of Other Deductions and Credits
- Click Start to the right of Other Deductible Expenses
- Enter all relevant information on the subsequent screens
@mabatch1
