topic On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management fees related to IRA and non-IRA accounts? Thank you. in Retirement tax questions

On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management fees related to IRA and non-IRA accounts? Thank you.

tessie2701 — Sun, 07 Mar 2021 17:04:54 GMT

Re: On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management f...

LenaH — Tue, 09 Mar 2021 18:09:39 GMT

Yes. In Other Expenses (Line 24 of the IT-196), you can deduct the total amount you paid to produce or collect taxable income and manage or protect property held for earning income. This includes: custodial (for example, trust account) fees. and your share of the investment expenses of a regulated investment company.

Line 24 is also grouped in with unreimbursed job expenses, job related education expenses and tax preparation fees. All of your deductions for these lines are summed together and only deductible if they exceed 2% of your recomputed federal adjusted gross income (Line 19a on Form IT-201). I have attached a picture below for additional guidance.

Re: On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management f...

tessie2701 — Wed, 10 Mar 2021 10:12:05 GMT

Thank you for providing answer to question.

Re: On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management f...

Tesla99 — Sat, 21 Feb 2026 21:23:56 GMT

Does that really include IRA accounts if they don't produce taxable income during the tax year?

Re: On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management f...

RogerD1 — Mon, 23 Feb 2026 21:31:53 GMT

The instructions for Form IT-196, line 24 are as follows:

"Line 24: Other expenses

To calculate this amount, first complete Section B of the Casualty and Theft Worksheet then refer to line 28 of the worksheet. Enter the total amount you paid to produce or collect taxable income and manage or protect property held for earning income. Do not include any personal, living, or family expenses on line 24.

Examples of expenses to include on line 24 are:

• certain legal and accounting fees

• clerical help and office rent

• custodial (for example, trust account) fees

• your share of the investment expenses of a regulated investment company

• certain losses on nonfederally insured deposits in an insolvent or bankrupt financial institution. (For additional information, see Itemized deductions and review the 2017 IRS Publication 529, Miscellaneous Deductions.)

• casualty and theft losses of property used in performing services as an employee (See Casualty and theft worksheet, page 4.)

• deduction for repayment of amounts under a claim of right if $3,000 or less

• convenience fee charged by the card processor for paying your income tax (including estimated tax payments) by credit or debit card (The deduction is claimed for the year in which the fee was charged to your card.)

You must keep a list of the type and amount of each expense claimed on line 24 for your tax records."

Keep in mind that all the expenses In the Job expenses and other miscellaneous deductions are subject to the 2% of income limitation. For example, if your income was $100,000, only the total expenses in this category above $2000 (2% of $100,000) will be deductible. If your total expenses in this category were $2,250, then only $250 would be deductible.

See NY IT-196 Instructions for more information.

Re: On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management f...

Tesla99 — Mon, 23 Feb 2026 22:23:47 GMT

Does "your share of the investment expenses of a regulated investment company" include Traditional IRA's that will produce taxable income in future years (but not the tax year)? I assume they are talking about management fees for investment expenses.

I just want to know if I can include traditional IRA management fees on line 24, Yes?

Re: On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management f...

RogerD1 — Tue, 24 Feb 2026 16:13:36 GMT

I have not found any clear-cut definitive answer to your question. Since New York conforms to tax rules prior to the Tax Cuts and Jobs Act passed in late 2017, I found IRS publication 529 for 2017 that discusses miscellaneous expenses. On page 10 of Publication 529 (2017), one of the deductions subject to the 2% limitation is "Investment Fees and Expenses, which states:

"You can deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income."

Unless you have very significant expenses for your IRA that exceed 2% of your income for the year, it is very unlikely that you will derive much, if any, tax benefit from this deduction. Because I am unable to find specific mention of your particular deduction, I cannot make a recommendation as to whether you should move forward with trying to claim IRA custodial fees as an itemized deduction for the state of New York tax return.

Re: On New York State Income Tax return, van I take a deduction for Fidelity's Asset Management f...

Tesla99 — Tue, 24 Feb 2026 22:47:04 GMT

Thanks for looking deeper into it RogerD1. I wish they would make the rules easier to find and understand. TT calculates a significant $$ NY refund when I put the value in line 24 of iT196