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Level 1

Question

Traditional IRA distribution

Forum|Forum|5 years ago
November 10, 2020
2 replies
12 views

I have a taxable brokerage account with capital losses. Can I offset some of those losses with a voluntary distribution from my traditional IRA account?

Level 15

If you have realized losses (meaning you had actual sales) you can only deduct a max 3,000 loss per year. The rest you have to carry over. So I guess you could take a 3,000 distribution from your IRA. But if you are under 59 1/2 you will also have a 10% early withdrawal penalty on an IRA distribution.

Level 15

Only a bit.

Line 6 capital loss does not help you with Line 4b IRAs, beyond the maximum of $3,000 in losses.