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Investment/Advisory fees are entered as an itemized deduction of Schedule A subject to 2% of your adjusted gross income.
If you have any of the investment-related expenses below, enter them under Other Investment Expenses, in Retirement and Investments.
Are Investment / Advisory fees entered on Form 1040? If so where?
No, not on Form 1040.
According to IRS Publication 529, Miscellaneous Deductions,
Investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income are miscellaneous itemized deductions and are no longer deductible.
Although these expenses are no longer deductible on your federal return, some states allow you to deduct them on your state return.
The TurboTax program will figure out if these expenses can affect your state return and do the calculations for you.
To enter these expenses in TurboTax Online:
However, if you had certain expenses related to managing your investments, they may be deductible on your federal return.
Examples include:
To enter these expenses in TurboTax Online:
Not deductible for Fed but some states like California allow the deduction. To enter go to Fed itemized deductions, miscellaneous, investment fees and enter amount. It will be disregarded by Fed but flow to the Cali forms.
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