Are IRA Fees Tax Deductible?


How to – Are IRA Fees Tax Deductable

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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.

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)

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The above information is offered by The IRA Club.  

Are IRA Fees Tax Deductible

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