NYS Miscellaneous Expenses

sinn
sinn Member Posts: 5 Newcomer
edited January 15 in General

I have (3) Accounts with TD Ameritrade which are managed by an Advisor. (1) IRA (1) Benevolent IRA (1)TOD account. I know that I can deduct management fees from TDA Ameritrade as well as from the Investment Advisor on the IRA's but can I deduct the management fees from the TOD account as well?

Thank you!

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  • KeriC
    KeriC FreeTaxUSA Agent Posts: 97
    Answer ✓

    While the NY instructions don't specifically list TOD accounts, TOD is considered a designation on brokerage accounts, stocks, bonds, and other investment types. Because they are considered investment accounts, a TOD account would meet the criteria for investment management fees deductible on your NY return as a miscellaneous expense.

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