@xconniex when you say taxable account, are you meaning a roth 401k? The earnings in those accounts still grow tax free so not deductible only the original principal contribution was after tax.
A traditional IRA fees would be deductible only if you paid them outside the IRA. Why? Because IRA's grow tax deferred, so upon distribution you will pay taxes on the income and principal. Again, you must pay them though from other sources. It's actually better to pay them with IRA funds as then those funds, you never pay taxes on since they are never distributed to you.
You can only deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income.
The reason the FPURX fee is not deductible: expense ratios are not included simply because they don't meet the criteria of an expense paid that produces taxable income. When you receive your income from the fund, the expense ratio is already deducted -- it's not a fee that you pay directly. In other words, if one of your funds has a 1% expense ratio and produces an 8% return on its investments this year, the value of your investment will only increase by 7%. You would only owe taxes on that 7% (if you sell), so the expense ratio wouldn't be deductible.
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