If you paid investment expenses like safe deposit box fees or advisor fees you can only deduct the amount OVER 2% of your AGI as an investment expense if you itemize deductions. Go to……
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But it's usually not worth even putting in. It is a Misc Deduction and only the amount OVER 2% of your AGI is deductible. And then all your deductions have to be more than the Standard Deduction to give you any benefit.
For example, you make $20,000 AGI. Only the amount over $400 (20,000 x .02) would even be deductible. And that's only for 20,000 AGI. For like 50,000 AGI only the amount over $1,000 would be deductible.
But if it is for a 401k or IRA account you can only deduct it if you paid it with money from outside of the account.
If the fee is taken out of your IRA balance, it's not deductible. If it's billed separately to you and you pay it with your own funds, it's deductible as a miscellaneous deduction on Schedule A. And then only the amount over 2% of your AGI is deductible and then only if all your deductions are more than the Standard Deduction.
