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We requested an IRA rollover at retirement when the value was at 10K$. five years later the account was closed and paid $479. is there a claimable loss here taxwise?

 
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dmertz
Level 15

We requested an IRA rollover at retirement when the value was at 10K$. five years later the account was closed and paid $479. is there a claimable loss here taxwise?

If there was no basis in nondeductible contributions in the traditional IRA, including any after-tax basis rolled over from the retirement plan, there is no claimable loss.  You simply have less money on which you must pay taxes.  (You cannot take a deduction for a loss of value on which you had never paid taxes in the first place.)

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dmertz
Level 15

We requested an IRA rollover at retirement when the value was at 10K$. five years later the account was closed and paid $479. is there a claimable loss here taxwise?

If there was no basis in nondeductible contributions in the traditional IRA, including any after-tax basis rolled over from the retirement plan, there is no claimable loss.  You simply have less money on which you must pay taxes.  (You cannot take a deduction for a loss of value on which you had never paid taxes in the first place.)

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