Level 15

Retirement tax questions

If this was your ONLY IRA and you closed it AND did NOT take the tax deduction for your contributions you may be able to claim some of the loss.  I don’t know if the rules have changed for this.

That happened to my IRA one year. My 2,000 IRA deduction was in a limited partnership probably for a mall in Florida. This was back in the 80s I think when IRAs were a new thing. Can't take a loss because we have no tax basis in it. Nothing you can do about it. At least I got the tax deduction for my contribution.