My wife opened a new IRA that is professionally managed, this company charged a 1% fee. Is this tax deductible when I itemize?

[jerry2000 · Accepted solution]

That depends. If the fee is charged and paid from within the IRA, then is it NOT deductible. The fee would be deductible ONLY if it is billed separately from the IRA and is paid with money that has already been taxed.