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    PMAY's Avatar
    PMAY Posts: 1, Reputation: 1
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    #1

    May 28, 2015, 09:08 AM
    Sale of ira and advisor bill
    If I sell an ira can I offset that penalty with an expense of a financial consultation fee.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    May 28, 2015, 09:35 AM
    Please clarify what you mean by "sell an IRA" - do you mean take a withdrawal from your IRA account? And by "that penalty" do you mean the 10% penalty for taking an early withdrawal prior to reaching age 59-1/2?

    Expenses such as financial consulting fees may be deducted as a miscellaneous deduction, but only to the extent that the fees generated taxable income, and also only to the extent that the total of all your miscellaneous deductions exceed 2% of your adjusted gross income. This deduction has nothing at all to do with reporting income due to an IRA withdrawal or the 10% early withdrawal penalty.
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