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No you will just have less income to pay tax on when you take it out. If you are rolling it over to another IRA account there should be no taxes due on it.
@sbowen32 - remember, you never paid tax on that money up front and given it is now worth less than it was originally, you won't have to pay taxes on what you lost on the way out either.
So in effect, the IRS is already subsidizing your loss by not asking you to pay tax on the money originally contributed.
That makes sense! Thank you so much.
When you give up on your brokerage IRA and go to a savings account IRA it is usually the bottom of the market.
The stock market is climbing again now.
That's how it always goes.
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