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wroflus
New Member

Custodial Fees Credit

I have an company managing my investments which include both an exchange traded fund account and an IRA account.  TurboTax reports that investment company custodial fees are not deductible for IRA/401k accounts, so what options are there for claiming custodial fees when those fees apply to a mix of both Exchange Traded and IRA accounts?  Thanks. 

1 Best answer

Accepted Solutions
MichaelL1
Level 15

Custodial Fees Credit

Certain IRA administrative fees, whether or not you're currently taking distributions, are deductible, but they have to be paid by the account owner's non-IRA funds. 

So if the fees you are paying were paid from funds outside of the IRA, they are deductible.

If paid within the IRA from the IRA funds they are not deductible -which almost all funds are paid from within the IRA and are not deductible.

View solution in original post

1 Reply
MichaelL1
Level 15

Custodial Fees Credit

Certain IRA administrative fees, whether or not you're currently taking distributions, are deductible, but they have to be paid by the account owner's non-IRA funds. 

So if the fees you are paying were paid from funds outside of the IRA, they are deductible.

If paid within the IRA from the IRA funds they are not deductible -which almost all funds are paid from within the IRA and are not deductible.

View solution in original post

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