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New Member
posted Jun 7, 2019 3:55:48 PM

Where do I enter the financial advisor fees as a deduction?

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1 Best answer
Expert Alumni
Jun 7, 2019 3:55:50 PM

Advisory fees are entered as investment expenses:

  1. Federal Taxes
  2. Deductions & Credits
  3. Scroll down to Retirement and Investments
  4. Select Other Investment Expenses

Note: Management fees paid through the IRA account cannot be deducted. They simply reduce the value of your IRA. On the other hand, management fees paid by cash or check and not deducted from the IRA can be deducted as investment expenses.

7 Replies
Expert Alumni
Jun 7, 2019 3:55:50 PM

Advisory fees are entered as investment expenses:

  1. Federal Taxes
  2. Deductions & Credits
  3. Scroll down to Retirement and Investments
  4. Select Other Investment Expenses

Note: Management fees paid through the IRA account cannot be deducted. They simply reduce the value of your IRA. On the other hand, management fees paid by cash or check and not deducted from the IRA can be deducted as investment expenses.

Returning Member
Jun 7, 2019 3:55:54 PM

Is that on 1040, sched A, sched D, form 8949?  I can't find what you are talking about.

Level 2
Mar 1, 2020 11:40:21 AM

MargaretL, Thank you.  I will check the TurboTax tool and let you know if I have questions.  Regards, Joe

Level 3
Jun 27, 2020 12:01:07 PM

Side note: The Tax Cuts and Jobs Act of 2017 eliminates this deduction 2018-2025. From Wikipedia:

The miscellaneous itemized deduction, including tax-deductions for tax-preparation fees, investment expenses, union dues, and unreimbursed employee expenses, are eliminated.




 


Expert Alumni
Jun 27, 2020 1:04:53 PM

The original question was posted and answered prior to the Tax Cut and Jobs Act of 2017. The dates are misleading because any date prior to May-June of 2019 were reset to the May-June 2019 time frame when the posts were migrated from the old system to the current one.

 

As noted by Onomastico, this question is obsolete because these expenses are no longer deductible.

Level 1
Apr 23, 2021 11:34:17 AM

So advisor fees aren't deductible on the federal return, just state maybe?

Level 15
Apr 23, 2021 12:44:02 PM

@thestuffleft - correct