Inv Advisor fees from IRA

Submitted by Jeff Gilbert on Wed, 2007-09-19 18:59

Are inv advisory fees debited from an IRA considered to be a taxable distribution? Are they deductible as an itemized deduction?

Thanks,

Jeff



Submitted by Timothy Gottschalk on Wed, 2007-09-19 20:07

Jeff,
Investment advisory fees charged to an IRA are not a distribution from the IRA. The fees are pertinent to the IRA and are not deductible in any manner by the individual owner of the IRA.

You might have the owner consider paying the fees from another brokerage account rather than deducting them from the IRA. In that case the fees would generally be a miscellaneous itmeized deduction subject to a 2% floor of Adjusted Gross Income.

Have a great day!
Tim Gottschalk, CPA



Submitted by Jeff Gilbert on Thu, 2007-09-20 11:44

Thanks!



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