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Retirement tax questions
If you mean that you contributed $12,000 to your ROTH IRA and you lost $1,000, then you can withdraw the full balance of $11,000 and you will not be taxed or penalized on the withdrawal, since you will not have withdrawn any income. Also, if that is the only IRA account that you have and you withdraw the full balance, you can deduct the loss as an investment loss.
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March 27, 2023
7:21 PM
1,620 Views