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Investment Advisory Fees Deduction in Saint Paul, MN 2026

Calculate your investment advisory fees deduction tax savings in Saint Paul, Minnesota. With Minnesota's 7.85% state tax rate, your combined savings are higher.

Minnesota Tax Context

State Income Tax
7.85%
Local Income Tax
None
Property Tax Rate
1.12%
Tax Burden
High
$1,493
Est. Total Savings
No Limit
Max Deduction
Itemized
Deduction Type
29.9%
Combined Tax Rate

Investment Advisory Fees Deduction Savings Calculator for Saint Paul

$
$

Federal Savings

$1,100

22% bracket

Minnesota State

$393

7.85% rate

Local Tax

$0

0% rate

Total Savings

$1,493

29.9% combined

At a 29.9% combined tax rate in Saint Paul, every $1,000 in deductions saves you $299 in taxes.

Savings by Tax Bracket in Saint Paul

10%
$893
12%
$993
22%
$1,493
24%
$1,593
32%
$1,993
35%
$2,143
37%
$2,243

Includes 7.85% Minnesota state tax on top of federal savings.

Eligibility Requirements

Investors paying fees for investment management within IRAs or trusts

  • 1Suspended for individuals 2018-2025 under TCJA
  • 2Still deductible for trusts and estates
  • 3Must be paid outside the investment account for IRAs

Minnesota residents should verify that this deduction is also recognized on their state tax return for additional savings of up to 7.85%.

Common Mistakes to Avoid

  • !Trying to deduct personal investment fees under current law
  • !Not using IRA funds to pay fees directly
  • !Missing trust-level deduction opportunities
  • !Forgetting to claim the deduction on your Minnesota state return (missing 7.85% additional savings)

Required Tax Forms

Schedule AForm 1041

File these forms with your federal tax return to claim the investment advisory fees deduction. Minnesota may require additional state-specific forms.

Other Tax Deductions in Saint Paul, MN

Capital Loss Deduction

Investment

~$896
est. savings

Tax-Loss Harvesting

Investment

~$6,784
est. savings

Investment Interest Expense

Investment

~$2,035
est. savings

Qualified Dividend Tax Rate

Investment

~$4,070
est. savings

Opportunity Zone Investment

Investment

~$13,568
est. savings

1031 Like-Kind Exchange

Investment

~$40,705
est. savings

QSBS Exclusion (Section 1202)

Investment

~$135,682
est. savings

Installment Sale

Investment

~$10,855
est. savings

Investment Advisory Fees Deduction in Other Minnesota Cities

Minneapolis, MN

9.85% state tax

~$1,158
-335 vs Saint Paul

St. Paul, MN

9.85% state tax

~$1,158
-335 vs Saint Paul

Rochester, MN

9.85% state tax

~$1,158
-335 vs Saint Paul

Duluth, MN

9.85% state tax

~$1,158
-335 vs Saint Paul

Bloomington, MN

9.85% state tax

~$1,158
-335 vs Saint Paul

Brooklyn Park, MN

7.85% state tax

~$1,085
-408 vs Saint Paul

Plymouth, MN

7.85% state tax

~$1,085
-408 vs Saint Paul

Maple Grove, MN

7.85% state tax

~$1,085
-408 vs Saint Paul

Calculate Your Full Tax Savings in Saint Paul

Use our free tax calculators to optimize your entire tax return for Minnesota.

Income Tax CalculatorTaxes in Saint PaulFull Investment Advisory Fees Deduction Guide

Frequently Asked Questions

How much can I save with the Investment Advisory Fees Deduction in Saint Paul, MN?

In Saint Paul, Minnesota, the investment advisory fees deduction can save you an estimated $1,493 per year. This includes $1,100 in federal tax savings and $393 in Minnesota state tax savings. The national average savings is $800/year.

What is the Minnesota state income tax rate for Saint Paul residents?

Minnesota has a 7.85% state income tax rate. Saint Paul residents have no additional local income tax.

Who qualifies for the Investment Advisory Fees Deduction in Saint Paul?

Investors paying fees for investment management within IRAs or trusts. The eligibility requirements are the same whether you live in Saint Paul or elsewhere in the U.S., as this is a federal tax deduction. However, your savings amount will vary based on Minnesota's 7.85% state tax rate.

What tax forms do I need to claim the Investment Advisory Fees Deduction in Minnesota?

To claim the investment advisory fees deduction, you need to file Schedule A and Form 1041 with your federal return. Minnesota residents should also check if the state allows this deduction on their state return, which could provide an additional 7.85% savings. Filing status affects your deduction limits and tax bracket.

Is the Investment Advisory Fees Deduction better in Saint Paul than in states without income tax?

Yes, Saint Paul residents benefit more because Minnesota's 7.85% state income tax means the deduction reduces both your federal AND state tax liability. In states with no income tax (like Texas, Florida, or Nevada), this deduction only reduces federal taxes. Your combined rate of 29.9% means more savings per dollar deducted.

Related Calculators

Capital Loss Deduction in Saint Paul

Avg savings: $660/year

Tax-Loss Harvesting in Saint Paul

Avg savings: $5,000/year

Investment Interest Expense in Saint Paul

Avg savings: $1,500/year

Qualified Dividend Tax Rate in Saint Paul

Avg savings: $3,000/year

Opportunity Zone Investment in Saint Paul

Avg savings: $10,000/year

1031 Like-Kind Exchange in Saint Paul

Avg savings: $30,000/year