Are IRA Fees Tax Deductible?

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How to – Are IRA Fees Tax Deductable

IRA ClubThe following information is about the question, are IRA fees tax Deductible and is offered by The IRA Club. For additional information please call toll free 888-795-7950 or click on IRAclub.org

Are IRA Fees Tax Deductible?

The Internal Revenue Services allows an Income Tax deduction for “Investment Related Miscellaneous Items”. Investment related items include:

o Fees Paid for investment advice including financial publications subscriptions
o Fees Paid to Investment Counsel
o Fees paid for an IRA if paid with funds outside the IRA
o Software or online services used to manage an investment
o Safe deposit box rent if used to store investment documents
o Legal, Accounting and Clerical costs necessary to produce or collect income
o Cost to replace a lost security certificate

How to compute the amount of the deduction:
The cost of the Investment Related Miscellaneous Items may only be deducted to the extent that they exceed 2% of adjusted gross income.

Example:
In 2010, Mary had an Adjusted Gross Income of $96,000. The total of her Investment Related Miscellaneous Items was $2,140. Mary is entitled to a deduction of $220.
($96,000 X .02 = $1920) ($2140 – $1920 = $220)

For more information about Self Directed IRA call THE IRA CLUB  toll free at 888-795-7950 or visit our web site IRAclub.org

The above information is offered by The IRA Club.  

Are IRA Fees Tax Deductible

For more information on Self Directed IRAs call toll free 888-795-7950

 

 

 

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