It depends.If the advisor and account fees are debited to your retirement account, then you cannot deduct as all earnings, dividends and expenses within the retirement account are tax-deferred.If you pay these fees separately outside of your retirement account, you can deduct them as investment expenses.To deduct investment expenses in TurboTax, follow these steps:Open your return and click on Federal in the left-hand columnClick on Deductions & Credits on top of the screenUnder All Tax Breaks, locate the Retirement and Investments section and click Show MoreYou will find two expenses sections:Investment Interest Expenses - If you borrow money to finance investments, the interest you pay is considered investment interest. If you have investment interest expense, you can deduct it up to the amount of your net investment income.Other Investment Expenses - To qualify for this deduction, your investment and other miscellaneous expenses have to exceed 2% of your adjusted gross income (AGI).

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jamfletc

Level 1

Solved

Can I deduct the advisor and account fees for my rollover retirement account. I pay taxes on the RMD (req. min. dist) each year.?

Forum|Forum|7 years ago
June 6, 2019
1 reply
5 views

No text available

TurboTax Deluxe Online

Best answer by MinhT1

It depends.

If the advisor and account fees are debited to your retirement account, then you cannot deduct as all earnings, dividends and expenses within the retirement account are tax-deferred.

If you pay these fees separately outside of your retirement account, you can deduct them as investment expenses.

To deduct investment expenses in TurboTax, follow these steps:

Open your return and click on Federal in the left-hand column
Click on Deductions & Credits on top of the screen
Under All Tax Breaks, locate the Retirement and Investments section and click Show More
You will find two expenses sections:
Investment Interest Expenses - If you borrow money to finance investments, the interest you pay is considered investment interest. If you have investment interest expense, you can deduct it up to the amount of your net investment income.
Other Investment Expenses - To qualify for this deduction, your investment and other miscellaneous expenses have to exceed 2% of your adjusted gross income (AGI).

MinhT1Answer

Level 15

It depends.

If the advisor and account fees are debited to your retirement account, then you cannot deduct as all earnings, dividends and expenses within the retirement account are tax-deferred.

If you pay these fees separately outside of your retirement account, you can deduct them as investment expenses.

To deduct investment expenses in TurboTax, follow these steps:

Open your return and click on Federal in the left-hand column
Click on Deductions & Credits on top of the screen
Under All Tax Breaks, locate the Retirement and Investments section and click Show More
You will find two expenses sections:
Investment Interest Expenses - If you borrow money to finance investments, the interest you pay is considered investment interest. If you have investment interest expense, you can deduct it up to the amount of your net investment income.
Other Investment Expenses - To qualify for this deduction, your investment and other miscellaneous expenses have to exceed 2% of your adjusted gross income (AGI).