How to Categorize IRA Annual Fee?

[Margaret Wilson]

I just opened a Roth IRA and have a $10 fee for the first year. Any
recommendations on how to categorize the fee?

Thx!

Margaret

 

[Rick Hess]

I just opened a Roth IRA and have a $10 fee for the first year. Any
recommendations on how to categorize the fee?

I categorize mine as "IRA Fees".

It's possible that these fees can be deducted as a Miscellaneous Itemized
Deduction on Sched A. If you link your categories to TurboTax, then assign
the category to Schedule A subject to 2%-AGI. I don't have Q running now,
but there should be a line that says "other expenses such as investment,
safe deposit box, etc." Since the 2%-AGI limit is imposed, you may never
have enough items in this category to add up to a deduction, but those items
might as well end up in the right area.
--


Rick Hess
New Orleans
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[Margaret Wilson]

Thanks Rick, I found the line item you mention. It's "investment management
fees."

Regards,

Margaret