Hello,
I am 35. I closed my Roth IRA this year due to substantial losses.
Approximately speaking, I contributed $50k over my lifetime, and the account was worth $2k this month. I went ahead and closed my Roth IRA on December 26th, 2021, and transferred the money to my checking account. Thus, at this moment on Dec. 28th, 2021, all my IRAs are closed and I have a $0 balance. My intention is to claim ~$48k in losses on my 2021 tax return.
My question: When am I allowed to make my 2022 Roth IRA contribution and re-open a new Roth? I read that all my accounts must be closed to take the deduction. But I am ready to start over, and I can't find the precise answer. I.e. can I open a new Roth IRA in January and make both 2021 and 2022 contributions for $12k, or does the loss I'm taking in 2021 prevent me from making a 2021 contribution? Or do I need to keep the account closed until after I file in April?
Thanks so much
