IRA fees

Can I Claim IRA Fees as a Tax Deduction?

This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, answers questions on claiming IRA fees as a tax deduction and whether or not you should have a separate Roth IRA for every conversion.

How to Pay Your IRA Fees

The financial institution where you have your IRA, what we call your IRA custodian, is allowed to charge fees for maintaining and administering your IRA. If there are any fees associated with your IRA, they must be disclosed to you. The fees are usually listed in the IRA disclosure statement, which is one of the documents you received when you opened your IRA. IRA fees are usually in two broad categories: administrative fees and sales commissions Below we explain how to pay these different types of fees.

IRA Fees May be Tax Deductible

Ever wonder if the fees you pay your bank, broker, or insurance company for your IRA could be income tax deductible? Under certain circumstances, you can deduct an IRA trustee's administrative fees that are billed separately (and paid by you) in connection with your IRA.

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Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.