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dtessmann
Level 1
March 5, 2022
Question

Are fees for rolling over a company retirement plan to an IRA deductible?

  • March 5, 2022
  • 2 replies
  • 40 views
When I closed out my retirement plan with a former employer and moved it to a private IRA plan, I was charged a 'sales charge' that came out of the amount I was moving.  Is this 'sales charge' deductible?

2 replies

VolvoGirl
VolvoGirl
Level 15
March 5, 2022

No but it might be taxable.  Unless you replaced the fee amount when you put it in the IRA.   It might be counted as a withdrawal.   Even if you paid the fees from your own money like a checking account it would not be deductible.  

 

 

fanfare
fanfare
Level 15
March 6, 2022

it's no longer possible to deduct such fees.

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