As VolvoGirl said, miscellaneous deductions subject to the 2%-of-AGI floor are suspended until 2026. If the suspension of these deductions is lifted as scheduled, you could wait until then, make a complete distribution of all of your Roth IRAs and then take the deduction for the unrecoverable basis to the extent that all of such miscellaneous deductions that you have exceed 2% of your AGI. This can only be done if you itemize deductions. Note that the standard deduction is also scheduled to revert to former levels in 2026, so itemizing will be more likely then.
If you expect that the investment in the Roth IRA will continue to drop in value, change the investment but don't distribute it from the Roth IRA, at least not right now.
