Ever wonder if the fees you pay your bank, broker, or insurance company for your IRA could be income tax deductible?
Under certain circumstances, you can deduct an IRA trustee’s administrative fees that are billed separately (and paid by you) in connection with your IRA. These expenses must be ordinary and necessary. You cannot separately deduct disguised IRA contributions or capital expenditures such as brokers commissions that you must add to the cost of securities you buy through brokers. Deductible trustee fees are not subject to the annual dollar limit on contributions you can make to an IRA. You can deduct them as a miscellaneous deduction on Schedule A (Form 1040). The deduction is subject to the 2% of adjusted gross income limit.
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