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
You'll need to sign in or create an account to connect with an expert.
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.
Since the state return pulls info from the Federal section should I enter in other investment expense?
Sorry, I figured it out. Thanks for your help.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
lennar0719
Level 2
schu127
New Member
magnetic430
New Member
kellibravo
New Member
pgalvinret
New Member
in Education