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401K Fidelity 401k Admin Fees, Div Record Keeping Fess, Fund Fees, etc.

Can you deduct these fees against your current RMD withdrawals in a 401k?  On taxable broker accounts can those fees be deducted and where in TurboTax?

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2 Replies

401K Fidelity 401k Admin Fees, Div Record Keeping Fess, Fund Fees, etc.

No.   The tax laws that changed for 2018 and beyond eliminated the miscellaneous deduction for those fees.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

401K Fidelity 401k Admin Fees, Div Record Keeping Fess, Fund Fees, etc.

401k fees are never and never were deductible.  The whole point of a 401k is that you put tax-free income in, and pay tax on whatever you take out.  If you take out less because of fees, you pay less tax.  

 

Other investment advisory fees are a 2% miscellaneous deduction.  That type of deduction is disallowed for 2018-2025 as part of the tax reform that raised the standard deduction instead, among other things. 

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