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Level 1

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Capital gain/loss

1 reply
31 views

On a simple non-Roth IRA , if I started with a $6,000 IRA and by the end of the year that $6,000 turned into $0, is that a loss that I can write off?

Ask the Experts - MetLife III - Mar 2024

VolvoGirlAnswer

Level 15

No. If your Traditional IRA lost money you will just have less income to pay tax on when you take it out or convert to a ROTH.

You used to be able to deduct it but only If this was your ONLY IRA and you closed it AND did NOT take the tax deduction for your contributions.

VolvoGirlAnswer

Level 15

No. If your Traditional IRA lost money you will just have less income to pay tax on when you take it out or convert to a ROTH.

You used to be able to deduct it but only If this was your ONLY IRA and you closed it AND did NOT take the tax deduction for your contributions.