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jimjane5480
New Member

Where do I show my total fees paid from my Merrial Lynch account

 
1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

Where do I show my total fees paid from my Merrial Lynch account

Investment/ advisory fees are entered as investment expenses:

  1. Federal Taxes
  2. Deductions & Credits
  3. Scroll down to Retirement and Investments
  4. Select Other Investment Expenses

Notes: 

The investment expenses fees associated with your taxable accounts include fees such as:

  • fees paid or incurred to produce or collect income or to manage property, 
  • ibroker/ investment advisory fees (such as your advisory charges)
  • investment services fee
  • safe deposit fee

Management fees paid through an IRA account cannot be deducted. They simply reduce the value of your IRA. On the other hand, management fees paid by cash or check and not deducted from the IRA can be deducted as investment expenses.

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1 Reply
MargaretL
Employee Tax Expert

Where do I show my total fees paid from my Merrial Lynch account

Investment/ advisory fees are entered as investment expenses:

  1. Federal Taxes
  2. Deductions & Credits
  3. Scroll down to Retirement and Investments
  4. Select Other Investment Expenses

Notes: 

The investment expenses fees associated with your taxable accounts include fees such as:

  • fees paid or incurred to produce or collect income or to manage property, 
  • ibroker/ investment advisory fees (such as your advisory charges)
  • investment services fee
  • safe deposit fee

Management fees paid through an IRA account cannot be deducted. They simply reduce the value of your IRA. On the other hand, management fees paid by cash or check and not deducted from the IRA can be deducted as investment expenses.

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