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My investment advisor charges a fee for handling my IRA. If I take a partial taxable distrubution, can I deduct the fees on my distribution?
I am trying to determine my distribution portion of fees.
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May 31, 2019
7:23 PM
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Retirement tax questions
You can take the part of your fees that were paid on your taxable distribution ONLY as a miscellaneous deduction subject to 2% on Schedule A.
Here's how you figure your deductible portion:
Fees for your taxable distribution = total fees * (taxable distribution/total distribution)
In Turbo Tax, the deductible portion of your fees go in Deductions & Credits, Other Deductible Expenses, Less Common Expenses, then enter Investment Expenses and the amount.
May 31, 2019
7:23 PM
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Retirement tax questions
@CherylW This is no longer correct. In 2018 the TCJA eliminated this itemized deduction.
April 11, 2020
1:38 PM