I get charged the monthly traditional IRA"program charge" directly from my checking account so does that make it "after-tax money" and is therefore tax-deductible?

[savemijc2dey]

None

[ChristinaS · Accepted solution]

Yes, if you pay an investment/ account management fee directly (i.e. its not taken from the IRA balance)- its tax deductible. Tax deductible doesn't mean your tax return will be improved by the amount, however.

Go to:

• Federal Taxes- Deductions and Credits
• Retirement and Investments
• Other Investment Expenses
• enter as IRA custodial fees

Investment expenses are Miscellaneous Itemized Deductions on Schedule A. To realize a benefit, you must itemize on Schedule A and your investment and other misc expenses must exceed 2% of your AGI. You may also not receive a true benefit if you pay the Alternative Minimum Tax.

[savemijc2dey]

Thanks ChristinaS that was fast and informative. Appreciate it!

[ChristinaS]

You're welcome!