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Can the fee my financial advisor charges me for rolling over an IRA be tax deductible?


The BIDaWIZ Team's Answer:

The fee would have to be deducted from the IRA funds if it is related to the purchase of the investments inside the IRA. Any fees for managing the account can be paid with after tax money and can be deducted on Schedule A as investment fees. There is no way to pay for the expense with pre-tax dollars. A rollover is defined as a "transfer" of funds from one qualified plan to another. No "outside" money pretax or otherwise is involved in a rollover.

The BIDaWIZ Team



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