Are Investment / Advisory fees entered on Form 1040? If so where?

Investment/Advisory fees are entered as an itemized deduction of Schedule A subject to 2% of your adjusted gross income.

If you have any of the investment-related expenses below, enter them under Other Investment Expenses, in Retirement and Investments.

• Safety deposit fees
• Investment advisory fees
• IRA custodial fees
• Amortized bond premiums
• Depreciation of equipment you used to manage your investments (such as a computer)

https://ttlc.intuit.com/replies/5878445
Remember, in order to get a tax benefit from this, you need to have more than 2% of your adjusted gross income in miscellaneous itemized deductions, plus you need to itemize your deductions on Schedule A.  If you owe Alternative Minimum Tax, these miscellaneous deductions are not deductible.

Please feel free to post any additional details or questions in the comment section.

Are Investment / Advisory fees entered on Form 1040? If so where?

No, not on Form 1040.

According to IRS Publication 529, Miscellaneous Deductions,

Investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income are miscellaneous itemized deductions and are no longer deductible.

Although these expenses are no longer deductible on your federal return, some states allow you to deduct them on your state return. 

The TurboTax program will figure out if these expenses can affect your state return and do the calculations for you.

To enter these expenses in TurboTax Online:

1. If you’re on the Hi TurboTax Client, let's keep working on your taxes! screen, click the Pick up where you left off button
2. Click Federal in the left pane, if you’re not already there
3. Click Deductions & Credits in the banner
4. Scroll down and click Show more to the right of Retirement and Investments
5. Click Start to the right of Other Investment Expenses
6. Enter all relevant information on the subsequent screens

However, if you had certain expenses related to managing your investments, they may be deductible on your federal return.

Examples include:

• Magazines and other investment-related publications
• Copying fees
• Telephone fees
• Postage fees

To enter these expenses in TurboTax Online:

1. If you’re on the Hi TurboTax Client, let's keep working on your taxes! screen, click the Pick up where you left off button
2. Click Federal in the left pane, if you’re not already there
3. Click Deductions & Credits in the banner
4. Scroll down and click Show more to the right of Other Deductions and Credits
5. Click Start to the right of Other Deductible Expenses
6. Enter all relevant information on the subsequent screens

@mabatch1

 

Not deductible for Fed but some states like California allow the deduction.  To enter go to Fed itemized deductions, miscellaneous, investment fees and enter amount.  It will be disregarded by Fed but flow to the Cali forms.