topic I incurred fees and admin. expenses from transfering my IRA portfolio to a new administrator. Are these expenses considered as tax deductible business expenses? in Deductions & credits

I incurred fees and admin. expenses from transfering my IRA portfolio to a new administrator. Are these expenses considered as tax deductible business expenses?

nurre-shelton-gmail-com — Tue, 04 Jun 2019 18:41:39 GMT

Only if the fees were NOT paid from the tax deferred IRA...

Carl — Tue, 04 Jun 2019 18:41:41 GMT

Only if the fees were NOT paid from the tax deferred IRA itself. Those fees would need to be paid with TAXABLE income, in order to be deductible. Traditionally transfer fees are taken from the tax-deferred amount, meaning you have nothing to claim.

Thanks!

nurre-shelton-gmail-com — Tue, 04 Jun 2019 18:41:42 GMT

Thanks!

Thanks, that answers my question.

nurre-shelton-gmail-com — Tue, 04 Jun 2019 18:41:44 GMT

Thanks, that answers my question.

If these expenses were paid by you (and not deducted from...

MinhT — Tue, 04 Jun 2019 18:41:46 GMT

If these expenses were paid by you (and not deducted from your IRA account), they can be deducted as investment expenses in Itemized deductions.

They are not deductible as business expenses.

Thank you, that answers my question.

nurre-shelton-gmail-com — Tue, 04 Jun 2019 18:41:48 GMT

Thank you, that answers my question.

And it is a miscellaneous deduction reduced by 2% of AGI.

macuser_22 — Tue, 04 Jun 2019 18:41:49 GMT

And it is a miscellaneous deduction reduced by 2% of AGI.

What is AGI?

nurre-shelton-gmail-com — Tue, 04 Jun 2019 18:41:50 GMT

What is AGI?

Adjusted Gross Income (line 38 on the 1040 form).

macuser_22 — Tue, 04 Jun 2019 18:41:52 GMT

Adjusted Gross Income (line 38 on the 1040 form).

Thanks! (I'm new at doing my own return.)

nurre-shelton-gmail-com — Tue, 04 Jun 2019 18:41:53 GMT

Thanks! (I'm new at doing my own return.)