Custodial fees

Submitted by Steve Hoover on Thu, 2012-01-26 17:09

I have a client that has a Roth IRA and a regular IRA. The custodian takes out a fee each month. The client does not have any earned income, but would like to send in the custodial fees from his non-IRA account so that his Roth and IRA account balances do not go down. Can he do this?



Submitted by Alan Spross on Thu, 2012-01-26 17:28

Yes, as far as the IRS is concerned. However, the IRA custodian is also permitted not to offer this option.

Note that your payment of these fees from outside funds is eligible for a misc deduction subject to 2% of AGI floor, but you also must have enough total deductions to itemize.



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