So you have selected a brokerage firm to manage your investment accounts and they charge you fees to manage your account. The big question here is are my investment fees tax-deductible?
Certain IRA administrative fees are definitely deductible, however they need to meet a few criteria:
- Fees need to be paid by the account owner’s non-IRA funds
The key to being able to deduct your IRA fees is to write out a check or pay the broker with a credit card. Say your broker charges you $250 annually, you’ll need to pay this fee from non-IRA assets if you want it to be deductible and considered a miscellaneous itemized deduction.