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skylab 1
Level 2
April 3, 2022
Solved

close out roth account

  • April 3, 2022
  • 1 reply
  • 0 views

I CLOSED OUT MY ROTH ACCOUNT OCT 2022 AFTER LARGE LOSS. MY ORIGINAL INVESTMENT WAS AROUND $35,000 BEGINNING JAN 2021 IS WAS $3344.00 CLOSED OUT $5503.00  IT APPEARS IRS IS CHARGING MY AS  A GAIN ANT TAXING ME. IS THER SOMETHING WRONG???

    Best answer by skylab 1

     MY QUESTION. IT IS A ROTH ,COMPLETE CLOSE OUT ,CAN YOU TAKE A TAX LOSS???? And ON WHICH FED TAX FORM/

    PLEASE ANSWER

    1 reply

    JohnB5677
    JohnB5677
    Level 15
    April 3, 2022

    That does not sound correct.  Please clarify the question.

    Was it a total distribution?

    What is the code in box 7?

    Is this an IRA?

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    S
    skylab 1AuthorAnswer
    Level 2
    April 6, 2022

     MY QUESTION. IT IS A ROTH ,COMPLETE CLOSE OUT ,CAN YOU TAKE A TAX LOSS???? And ON WHICH FED TAX FORM/

    PLEASE ANSWER

    S
    skylab 1Author
    Level 2
    April 7, 2022

    MY ROTH ACCOUNT WAS A CASH CONTRUBUSION OF $35,000. WHEN I CLOSED IT OUT IONLY HAD

     LITTLE LESS THEN $5000.00 CAN I TAKE THE LOSS AS A TAX DEDUCTION?????

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