Stock broker fees

[wjrawls]

where do you report in turbo stock broker fees based on performance

[MargaretL · Accepted solution]

Broker's fees based on performance or other advisory/investment fees are entered as investment expenses:

1. Federal Taxes
2. Deductions & Credits
3. Scroll down to Retirement and Investments
4. Select Other Investment Expenses

[sbucy1]

These instructions seem to be contradictory with the information in the TurboTax dialog itself. TT says you CANNOT enter broker fees as deductible fees for 2019.  This "help" seems to be no longer current - and hecse, USELESS! - sgb

[RobertG]

Investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income are miscellaneous itemized deductions and are no longer deductible.

But your state may allow that deduction so include it if you itemize. 

@sbucy1

[Samson24]

I AM IN CALIFORNIA.

i HAVE AN IRA ACCOUNT. 

MY UNDERSTANDING IS THAT IF THE FEES ARE DEDUCTED DIRECTLY FROM THE IRA ACCOUNT THEY ARE NOT DEDUCTIBLE EVEN FOR CALIFORNIA TAXES. IF  FEES AREDEDUCTED FROM WITHIN THE ACCOUNT THEY ARE BEING PAID WITH PRETAX DOLLARS AND THEREFORE ARE NOTDEDUCTIBLE WITH A CALIFORNIA RETURN

IOF PAID FROM OUTSIDE THE IRA AND AFTER TAX DOLLARS ARE USED THEN THEY WOULD BE DEDUCTIBLE , I BELIEVE AS A MISCELLANESOUS EXPENSE

I BELIEVE THE TURBOTAX CALIFORNIA SOFTWARE IS IN ERROR. IT NEVER ASKS WITH PAID FROM WITHIN THE IRA OR PAID PRETAX. ON THE FEDERAL RETURN THERE IS ONE ENTRY TO ENTER BROKER FEES. IT SAYS TO ADD THEM AS SOME STATS ALLOW AND SOME DO NOT.  I HAVE FEES DEDUCTED FROM MY IRA. IT NEVER ASKS TIH. I THINK A SOFTWARE BUG