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My wife has an account with Advisory Solutions through Edward Jones they charged her $1,534 in investment fees are these fees deductible
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posted
June 5, 2019
10:25 PM
last updated
June 05, 2019
10:25 PM
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My wife has an account with Advisory Solutions through Edward Jones they charged her $1,534 in investment fees are these fees deductible
As long as the fees were not for a retirement account, they can be included in other miscellaneous itemized expenses. The total of these is only allowed to the extent it exceeds 2% of your adjusted gross income. In addition, your total itemized deductions would need to exceed the standard deduction. Please see the instructions below for entering these expenses.
If you are using TurboTax Online, except Home & Business
- Click on Federal Taxes
- Click on Deductions & Credits
- Check your list for Other Deductible Expenses and click Start/Edit; if it is not there, please proceed with the rest of the steps
- Click on Check for other tax breaks
- Click on Jump to full list
- Scroll down to Other Deductions and Credits and click Show more
- Click on Start/Edit next to Other Deductible Expenses
If you are using TurboTax Desktop or TurboTax Online Home & Business
- Click on Federal Taxes (Personal if using Home & Business)
- Click on Deductions & Credits
- Select I'll choose what I work on
- Scroll down to Other Deductions and Credits
- Click on Start/Update next to Other Deductible Expenses
June 5, 2019
10:25 PM
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