I have brokerage accounts including individual and IRAs accounts. I have been charged with advisory fees monthly. Are these fees deductible? If so, where do I enter these fees on Turbotax?
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The advisory fees to which you are referring are miscellaneous itemized deductions and they were eliminated as such after tax reform (the TCJA, effective for the 2018-2025 tax years).
The fees are not currently deductible.
certain states may allow the deduction
Thank you all. To be clear, these are the monthly "Management fees" to maintain my brokerage accounts. Thank you again.
As tagteam said, these fees are miscellaneous itemized deductions and were suspended with The Tax Cuts and Jobs Act until after 2025. Your state may still allow the fee to be deducted if you are itemizing your state return.
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