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Ruta
Level 2

Can I deduct monthly administrative fees charged by a foreign bank?

I have a foreign bank account that earns interest.  (I know the foreign interest is taxable in the US.)

The foreign bank also charges a monthly fee.

 

Can I deduct the foreign bank's monthly fee?  Or can I enter it as some kind of expense?  

If so, where in TurboTax can I do so?

 

The monthly fee is not considered a foreign tax.  It is simply an administrative fee.

The foreign bank account is not used for a small business.  I am not self-employed.

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1 Reply
AmyC
Expert Alumni

Can I deduct monthly administrative fees charged by a foreign bank?

Not currently on the federal. In 2026, we expect to see itemizing come back with that as one of the possible deductions. There are a few states that don't follow federal law for itemizing and each has different rules so you can check with your state or reply here. The chances are very slim that it would be deductible though. I can't think of a state off the top of my head that would allow it.

 

See How do I contact my state Department of Revenue?

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