Yes, you can deduct the 2014 investment advisory fees associated with your taxable account on your 2014 tax return. The investment management fees associated with your tax deferred accounts can not be deducted on your 2014 tax return.
Investment management expenses are a miscellaneous deduction on
Schedule A (Itemized Deductions) subject to 2% of your adjusted gross
income. To enter this amount in TurboTax Delux
Select the "federal" tab, then "deductions & credits." Then
select "find deductions myself" then "other deductions & credits"
then "other deductible expenses." Say yes to the "other less common
expenses" screen then you'll finally see a screen saying "enter other
less common expenses." Enter your portfolio management fees here.
In order to get a tax benefit from this, you need to have more than
2% of your adjusted gross income in miscellaneous itemized deductions,
plus you need to itemize your deductions on Schedule A. If you owe
Alternative Minimum Tax, these miscellaneous deductions are not
deductible.
