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arl350
New Member

If I did not claim my IRA fees in2017 can I add this expense in 2018

If I did not claim my IRA fees in2017 can I add this expense in 2018

1 Best answer

Accepted Solutions
Hal_Al
Level 15

If I did not claim my IRA fees in2017 can I add this expense in 2018

No.

For multiple reasons:

1. Starting in 2018 investment expense deductions  are no longer allowed.

2. You are not allowed to put expenses paid in 2017, on your 2018 tax return.

3. To be deductible the expense must have been paid with money outside of the IRA.

If you meet #3 (and most people don't) and you itemized deductions and you have enough other misc itemized deduction to jump the 2% of AGI threshold, you may file an amended 2017 return to claim the deduction.

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2 Replies
Hal_Al
Level 15

If I did not claim my IRA fees in2017 can I add this expense in 2018

No.

For multiple reasons:

1. Starting in 2018 investment expense deductions  are no longer allowed.

2. You are not allowed to put expenses paid in 2017, on your 2018 tax return.

3. To be deductible the expense must have been paid with money outside of the IRA.

If you meet #3 (and most people don't) and you itemized deductions and you have enough other misc itemized deduction to jump the 2% of AGI threshold, you may file an amended 2017 return to claim the deduction.

Rachel_W
Level 4

If I did not claim my IRA fees in2017 can I add this expense in 2018

No, you cannot claim IRA fees you paid in 2017 on your 2018 Tax Return.  

You can Amend your 2017 Tax Return if you itemized your deductions on Schedule A.  You can click here for instructions on Amending your tax return: How to Change a Tax Return You Already Filed.  

Note: You can no longer deduct these fees beginning on your 2018 Tax Return.  The Tax Cuts and Jobs Act (TCJA) that was signed into law in December of 2017 eliminated all "Miscellaneous Itemized Deductions" formerly allowable on your Schedule A.  

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