Can Brokerage Fees be deducted when computing Net Investment Income Tax? They can't be included on Sched A, but can they be subtracted from Gross Investment Income?

[tagteam]

"Can Brokerage Fees be deducted when computing Net Investment Income Tax?"

Apparently they can according to the IRS Q&A linked to below (see #13).

https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax

However, I am not certain it is possible to deduct such fees without resorting to Forms Mode, which is not available in the TurboTax online products.

[ssarkar007]

Can Brokerage Fees, ADR Fees and Foreign Tax Paid be deducted to reduce taxes? 

If so, which IRS Forms should I use?

[SusanY1]

Foreign taxes paid can be, but the others cannot.  Foreign taxes paid under $300 (or under $600 if filing jointly with a spouse) do not require any special form to claim a credit. 

Over this amount the credit is claimed on Form 1116.  In TurboTax these are entered with your investment information for taxes paid on most investment income or for other types of income they are entered in under Deductions and Credits, Estimates and Other Taxes paid, and then Foreign Taxes.