IRA Deductions

[bill18163]

What is the name of your state?What is the name of your state?Pennsylvania
From a previous post on this forum I learned that I am able to deduct charges for management fees and brokerage fees for my IRA because I take monthly distributions from the account witch are taxable. I am 60 yrs old. However, I have a question about how dividends credited to the account are taxed or not taxed. It seems to me that they should not be taxed since they are going into an IRA but I need to clarify this. Also there is a question about foreign taxes withheld on dividends on foreign stock. Can I deduct or take the credit for the foreign taxes withheld on foreign stock holdings?

[anteater]

Management fees for the IRA would only be deductible if you paid for them with money from outside the IRA. If the custodian simply deducted them from your funds inside your IRA, they are not deductible. And, even if you did pay the management fees with money from outside the IRA, they would only be deductible to the extent that your Miscellaneous Deductions on Schedule A exceed 2% of your adjusted gross income.

By "brokerage fees", do you mean broker's commissions? Broker's commissions are not deductible.

Dividends earned inside the IRA are not taxed at the time they are earned.

I'll pass on the foreign withholding other than to say that I doubt it. For tax purposes generally, what happens inside the IRA stays inside the IRA until you begin taking distributions.