The loss on your Roth IRA can be deductible subject to conditions.
You must have closed all your Roth IRA accounts (icluding those with positive earnings, if any) and the net loss is deductible as a miscellaneous itemized deduction subject to the 2% of AGI threshold. So if your total itemized deductions do not exceed your standard deduction, then that net loss would have no effect on your taxes.
You do not need to amend your 2020 return.
If you can use your loss in 2021 (under the above conditions), you can claim it on your 2021 tax return.
Please read this TurboTax article for more information.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
