I read I might be able to deduct the service fees applied to my 401k. How do I provide this information?

[carlarosebrook]

I have a 401k rollover from my divorce. It is not connected to my place of work. How can I deduct the fees Fidelity Investments apply to this account?

[macuser_22]

If it is a 401(k) rollover, I assume that it was rolled into a Traditional IRA.  

What fees are apply do you have?   IRA maintenance fees are deductible only if paid from funds outside of the IRA, not if paid from the IRA.

[macuser_22]

Investment fees are also a miscellaneous itemized deduction first reduced by 2% of your AGI, so unless you already itemize and have lots of other miscellaneous deductions -  more the  the 2% floor, it probably will make no difference.

[LisaBr · Accepted solution]

Fees for your 401(k) can be deducted

1.  Go to Federal , then Deductions and Credits.

2.  Select Other Deductions and Credits.

3. Choose Other Deductible Expenses.

4.  You will answer No to the question regarding Generation-Skipping taxes.

5.  Now you are at the page that asks you if you have Investment Expenses not already entered and you will answer Yes.  The next page will allow you to enter a description as 401(k) fees and the amount.