Managed Money account
It is my understanding that the fees inside a managed money account is tax deductible.
What is the process to have those fee deductible??
It is my understanding that the fees inside a managed money account is tax deductible.
What is the process to have those fee deductible??
Permalink Submitted by mk foss on Fri, 2013-04-19 18:41
Fees for a managed account are tax deductible if they are paid from after-tax funds. So if you have a taxable account, the items deducted can be claimed as a miscellaneous itemized deduction subject to the 2% limitation. If the managed acount is tax-deferred like an IRA, SEP etc. the fees can only be deudcted if they are paid from after-tax money. So if the IRA fees are paid from the taxable account, they’re deductible. Also if you submit a check to the custodian for the fees they are deductible. If you are subjemt to Alternative Minimum Tax – the deduction is added back for the calculation and you may not benefit in full from what was paid.
Permalink Submitted by Eric Woodfill on Mon, 2013-04-22 00:33
Thank you
Permalink Submitted by Melissa Arnold on Thu, 2013-04-25 04:16
It is not always prferable to have managed account always. So are these rules apply to other type of accounts also?http://feelday.com