Annuity/IRA
Beachgirl56
Member Posts: 4 Newcomer
I pay a yearly fee for my Annuity/IRA. Can I deduct this fee on my taxes? If so what would I put it under.
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Best Answer
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Hi Beachgirl56, great question.
The annual management fee for an IRA is not deductible for tax years 2018 - 2025 due to the Tax Cuts and Jobs Acts (TCJA) Congress passed in 2017. It may be deductible however, at the state level.
Prior to 2017, you could deduct that expense on Schedule A as an investment expense subject to a 2% limitation.
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Answers
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Thank you very much! I will check my state to see if it can be deducted.
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