Yes, if you pay an investment/ account management fee directly (i.e. its not taken from the IRA balance)- its tax deductible. Tax deductible doesn't mean your tax return will be improved by the amount, however.
Go to:
- Federal Taxes- Deductions and Credits
- Retirement and Investments
- Other Investment Expenses
- enter as IRA custodial fees
Investment expenses are Miscellaneous Itemized Deductions on Schedule A. To realize a benefit, you must itemize on Schedule A and your investment and other misc expenses must exceed 2% of your AGI. You may also not receive a true benefit if you pay the Alternative Minimum Tax.
