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lennar0719
Level 2
Mar 3, 2026 6:21 PM UTC
Question

Brokerage expense

My brokerage statement has a line for Custodial & Management Fees.  The page states Total expenses available for allocation to tax exempt income.

 

Where do I enter this in Turbo Tax?

 

I have always entered fees for IRA accounts in other investment expense, but not even sure that is correct?

 

Any help would be appreciated

 

Nadine

    3 replies

    Level 15
    Bsch4477Level 15
    Level 15
    Mar 3, 2026 6:39 PM UTC

    Those fees are not deductible on your federal return but may be deductible on your state return subject to restrictions. If the fees are paid within a retirement plan they are not deductible by either. 

    lennar0719Author
    Level 2
    Mar 3, 2026 6:41 PM UTC

    Since the state return pulls info from the Federal section should I enter in other investment expense?

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