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Itemized Deductions Schedule-A


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Old 10-18-2018, 10:44 PM
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Question IRA management fees

Are IRA management fees tax-deductible as investment expenses (1040 Schedule A line 23)?



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Old 10-19-2018, 09:26 AM
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correct on line 23. on sch a of 1040 butYou cannot generally deduct brokerage expenses that you incur in connection with your IRA. The IRS considers these fees to be an expense of the IRA itself rather than the owner. You may be able to deduct IRA custodial fees under certain conditions. You can deduct fees and expenses you pay to administer accounts that produce taxable income, but this means the fees paid to administer a Roth IRA are not deductible, for example, as Roth IRA contributions are made post-taxAlthough ira administration fee was deductible until 2017 return as miscellaneous itemized deductions subject to the 2 % rule: You add up all such expenses, and you can deduct only any amount that exceeds 2 percent of your agi.but all 2% rule deductions will be suspended in tax years 2018 ? 2025. the tax changes eliminate the tax deductibility of ira management fees, it isn't a big loss for many investors. The agi, and many did not pay fees in an amount that exceeded the income they brought in each year. It's worth noting that the standard deduction has nearly doubled under the new law, so you may be able to easily make up any tax savings you lost.



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Old 10-19-2018, 08:32 PM
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OK, Understood. Thank you, Wnhough!



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Old 10-19-2018, 08:34 PM
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OK, Understood. Thank you, Wnhough!




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Old 10-19-2018, 08:44 PM
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Smile Got it, thanks.

OK, thank you, Wnhough!



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