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nrusc72
New Member

Can I deduct retirement account management fees?

 
1 Best answer

Accepted Solutions
AnnetteB
Intuit Alumni

Can I deduct retirement account management fees?

Note:  Starting with 2018 through 2025, retirement account management fees are not deductible.  The Tax Cuts and Jobs Act eliminated the deductions previously claimed as a miscellaneous deduction subject to the 2% of AGI limit.  The answer below applies to tax years prior to 2018.

 

The answer to your question depends on how the fees were paid. 

 

If the fees were paid with after-tax money (like a personal check), then they would be deductible on Schedule A Itemized Deductions as part of the miscellaneous deductions subject to the 2% of Adjusted Gross Income limitation.

 

If the fees were paid by subtracting the amount from the tax-deferred account then they are not deductible. 

 

To go to the section of the tax return to enter this information, use these steps:

 

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

  • This opens a box where you can type in “investment advisor fees” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

  • The search results will give you an option to “Jump to investment advisor fees

  • Click on the blue “Jump to investment advisor fees” link and enter your information

 

[edited 4/10/2020 | 11:23 am PST]

View solution in original post

1 Reply
AnnetteB
Intuit Alumni

Can I deduct retirement account management fees?

Note:  Starting with 2018 through 2025, retirement account management fees are not deductible.  The Tax Cuts and Jobs Act eliminated the deductions previously claimed as a miscellaneous deduction subject to the 2% of AGI limit.  The answer below applies to tax years prior to 2018.

 

The answer to your question depends on how the fees were paid. 

 

If the fees were paid with after-tax money (like a personal check), then they would be deductible on Schedule A Itemized Deductions as part of the miscellaneous deductions subject to the 2% of Adjusted Gross Income limitation.

 

If the fees were paid by subtracting the amount from the tax-deferred account then they are not deductible. 

 

To go to the section of the tax return to enter this information, use these steps:

 

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

  • This opens a box where you can type in “investment advisor fees” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

  • The search results will give you an option to “Jump to investment advisor fees

  • Click on the blue “Jump to investment advisor fees” link and enter your information

 

[edited 4/10/2020 | 11:23 am PST]

View solution in original post

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