Schedule A - Other Expenses Question

Mar 13, 2012 3 Replies

I have investment advisory fees from both my IRA and non-IRA accounts. Can the fees from both accounts be included on Schedule A - line 23, or is line 23 limited to expenses from non-IRA accounts only?..TIA, Ron


the fees from both accounts be included on Schedule A - line 23, or is line 23 limited to expenses from non-IRA accounts only?..TIA, Ron

Its limited to fees that you pay with funds that are outside of your IRA. If the IRA trustee is charging you a fee and deducting it from funds inside the IRA, have him change it to you paying the fee from funds outside the IRA. Then you could deduct it.

the fees from both accounts be included on Schedule A - line 23, or is line 23 limited to expenses from non-IRA accounts only?..TIA, Ron

Alan...Thanks for the clear answer! If I were to pay with funds from inside the IRA, would that expense be deductible at a later time - say when I'm withdrawing funds from the IRA? If the answer is "no", then is there any downside to paying the IRA fee with non-IRA funds?..Thanks again, Ron

There's no specific deduction. But since it reduces the balance of your IRA, it means you'll have less to withdraw, so your eventual tax on the withdrawal will be less.

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