I have a managed IRA. The financial advisor takes a percentage of the balance from my IRA account each year as the financial advisor fee. In the IRS publication 529, it has vague info when it comes to investment fees and expenses.
Is it true if the fee is taken from my IRA account balance and not directly billed to me, it's not deductible? I understand the fee is subject to the 2% floor of my AGI to be deductible. But are " investment fees and expenses " according to Pub 529 required to be billed separately before they can be even considered as a deduction?
You'll need to sign in or create an account to connect with an expert.
Is it true if the fee is taken from my IRA account balance and not directly billed to me, it's not deductible? Yes, it is True.
They are a deduction if paid from funds "outside" of the retirement account.
But is this true for California as well?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
desert1
Level 1
RussellPeak2030
New Member
AnhVA
Returning Member
Jonathan1
Level 4
Raph
Community Manager
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.