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?