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Hogg94
New Member

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

He has an account with Wells Fargo

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26 Replies

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Yes, they are deductible.

However two points

1 - You can deduct advisory fees and expenses used to manage your investments that produce taxable income.

2 - - You can deduct only the portion of these and other miscellaneous expenses that exceed 2% of your adjusted gross income (AGI). The IRS applies this 2% deduction limit to these investment expenses along with other miscellaneous expenses including job-related expenses.

You enter them under
federal income, deductions and credits, retirement and investments. - Other investment expenses.

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Forget to say - enter the entire amount. Turbo tax will calculate the 2% exclusion
Hogg94
New Member

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

How do I know if the amount is from taxable income

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Do your investments product interest, dividends, stock sales that you report on your tax form? If so, that is taxable income.
Hogg94
New Member

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

I have a 1099DIV, 1099INT and 1099B from this company.   On the last page of the document it says Advisory Fee

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Yes, those are taxable income and you would be able to include the advisory fee as part of your itemized deductions. See above for where to enter these fees.

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

sometimes an IRA fee is deducted out of the IRA. That makes that fee not deductible.
Hogg94
New Member

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Thank you so much!  I have one more question.  I have a 19 year old daughter living in my home.  She is on my husbands vision insurance.  when we purchased glasses in August, he paid for her glasses along with every one elses.  I could not list her as a dependent,  can we claim her eye glass costs since my husband paid for it all?

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Maybe. You can deduct medical for yourself, your spouse, and your dependents. But see below.
Hogg94
New Member

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

How do I know if the IRA fee is deducted out of the IRA?

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

you will have to find a receipt or statement showing where the funds came from.

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Maybe  to your question regarding the medical deduction

If the only reason she is not your dependent is the fact that she earned more than $4050 during 2016, then yes. Otherwise no.
From IRS pub 502

Dependent
You can include medical expenses you paid for your dependent. For you to include these expenses, the person must have been your dependent either at the time the medical services were provided or at the time you paid the expenses. A person generally qualifies as your dependent for purposes of the medical expense deduction if both of the following requirements are met.
• The person was a qualifying child (defined later) or a qualifying relative (defined later), and
• The person was a U.S. citizen or national or a resident of the United States, Canada, or Mexico. If your qualifying child was adopted, see Exception for adopted child , later.

You can include medical expenses you paid for an individual that would have been your dependent except that:
• He or she received gross income of $4,050 or more in 2016,
• He or she filed a joint return for 2016, or
• You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2016 return.


<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p502/ar02.html#en_US_2016_publink1000178858">https://www.irs.gov/pu...>
Hogg94
New Member

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

Yes, that is the case.  She has a part-time job.

My husband is retired and I want to know if I can deduct the fees he pays to his financial advisor?

So yes, per IRS pub 502 you can deduct that expense.

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