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You can take the part of your fees that were paid on your taxable distribution ONLY as a miscellaneous deduction subject to 2% on Schedule A.
Here's how you figure your deductible portion:
Fees for your taxable distribution = total fees * (taxable distribution/total distribution)
In Turbo Tax, the deductible portion of your fees go in Deductions & Credits, Other Deductible Expenses, Less Common Expenses, then enter Investment Expenses and the amount.
You can take the part of your fees that were paid on your taxable distribution ONLY as a miscellaneous deduction subject to 2% on Schedule A.
Here's how you figure your deductible portion:
Fees for your taxable distribution = total fees * (taxable distribution/total distribution)
In Turbo Tax, the deductible portion of your fees go in Deductions & Credits, Other Deductible Expenses, Less Common Expenses, then enter Investment Expenses and the amount.
@CherylW This is no longer correct. In 2018 the TCJA eliminated this itemized deduction.
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