A safety deposit box fee is considered an investment expense. You may include this as an Itemized Deduction on Schedule A. Here are instructions on entering this expense in TurboTax:
If you paid investment expenses like safe deposit box fees or advisor fees you can deduct the amount OVER 2% of your AGI as an investment expense if you itemize deductions. Go to……
Federal Taxes
Deductions and Credits
Choose Explore on my own or I'll choose what to work on (if it comes up)
Then scroll down to Retirement and Investments
Other Investment Expenses - Click the Start or Update button
But if it is for a 401k or IRA account you can only deduct it if you paid it with money from outside of the account.
The easiest way to find this section of TurboTax is to use the Search/Find box at the top right side of the TurboTax header. Click on the magnifying glass, type in "investment expenses", hit Enter, and click on "jump to investment expenses" to go directly to beginning of this topic.
Or go to My Account >> Tools >> Topic Search. Type in "investment expenses", then click the topic in the list to go directly to the start of this section.
