Management fees Trust?

[202021]

My advisory firm charges a "premium " for managing an account that is in a trust. From my small scope of tax knowledge,are not these fees deductible? If so, where do I enter these fees? Thank You!

[Critter-3]

If the trust is required to file a return it is a deduction on the form 1041. 

[Opus 17]

In general, personal investment advisory fees are not deductible for tax years 2018 through 2025. They used to be a miscellaneous itemized deduction subject to the 2% rule, but that was eliminated in the 2017 tax reform law. (Even as a deduction, the 2% limitation and the requirement to itemize means that many people would not have received an actual tax reduction from listing the expenses.)

An actual legal trust that files form 1041

may be different.

[Mike9241]

the "premium part may be deductible"  for a non-grantor trust. from 1041 instructions

Fees for investment advice, including any related services that would be provided to any individual investor as part of an investment advisory fee, are incurred commonly or customarily by a hypothetical individual investor and are not deductible. However, certain incremental costs of investment advice beyond the amount that normally would be charged to an individual investor are deductible. An incremental cost is a special,
additional charge that is added solely because the investment advice is rendered to a trust or estate rather than to an individual, including balancing beyond the usual varying interests of current beneficiaries and
remaindermen. The deductible portion of the investment advisory fees is limited to the amount of those fees, if any, that exceeds the fees normally charged to an individual investor. See Regulations section 1.67-4(b)(4).