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Subject Author Date
recording an IRA Maintenance Fee? D T W .../\... 08-21-2007
Posted by Andrew on August 23, 2007, 9:07 pm
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 R. C. White wrote:
> Plan expenses paid from "outside" funds could be deducted on Schedule A of
> the taxpayer's Form 1040 for the year of the payment.
> I haven't heard of any change in this rule, but the taxpayer should
> always check to be sure it is still current.
>
> RC

Subject to the 2% limitation, however, right?! Not deductible per se until
you hit the 2%.
--
-------------------------------------------------------------
Regards -

- Andrew



Posted by R. C. White on August 23, 2007, 10:19 pm
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 Hi, Andrew.

Yes, subject to all the usual limits, including the fact that the standard
deduction may make the deduction worthless to some taxpayers in some years.

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)

> R. C. White wrote:
>> Plan expenses paid from "outside" funds could be deducted on Schedule A
>> of the taxpayer's Form 1040 for the year of the payment.
>> I haven't heard of any change in this rule, but the taxpayer should
>> always check to be sure it is still current.
>>
>> RC
>
> Subject to the 2% limitation, however, right?! Not deductible per se
> until you hit the 2%.
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew


Posted by Andrew on August 24, 2007, 8:37 am
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R. C. White wrote:
> Hi, Andrew.
>
> Yes, subject to all the usual limits, including the fact that the
> standard deduction may make the deduction worthless to some taxpayers
> in some years.
> RC
>
>> R. C. White wrote:
>>> Plan expenses paid from "outside" funds could be deducted on
>>> Schedule A of the taxpayer's Form 1040 for the year of the payment.
>>> I haven't heard of any change in this rule, but the taxpayer should
>>> always check to be sure it is still current.
>>>
>>> RC
>>
>> Subject to the 2% limitation, however, right?! Not deductible per se
>> until you hit the 2%.
>> --
>> -------------------------------------------------------------
>> Regards -
>>
>> - Andrew

As well as it's unusual (at least for most of the working stiffs I know that
work for someone else!) to ever hit the 2% limit for these things!

--
-------------------------------------------------------------
Regards -

- Andrew



Posted by Jim LaRosa on August 24, 2007, 11:49 am
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wrote:

>"D T W .../..." wrote
>
>> Let's say that I was charged a $10 fee, paid for by a sale of
>> .5 units of the fund. How should I record that in Premier
>> 2007?
>
>Sell .5 units of the fund for $10. Remove the resulting $10
>cash from the account with a MiscExp transaction for $10,
>categorized to "IRA Maintenance Fee" (or whatever category you
>choose for that purpose).
>
>

John - Thanks for this information. That is the way that I completed
the transaction for the IRA fee that I received last week.

Thanks, Jim L.

Posted by Eric on August 22, 2007, 6:22 pm
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To maintain the value of your IRA you should be paying from outside of the
IRA and not selling IRA assets to pay fees.

> Let's say that I was charged a $10 fee, paid for by a sale of .5 units of
> the fund. How should I record that in Premier 2007?
>
> thanks
>
> --
> DTW .../.../.../...
>
>



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