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Level 1
November 16, 2022
Question

IRA

  • November 16, 2022
  • 1 reply
  • 1 view

I PUT MONEY INTO  A  I RA ROLLOVER AND IT IS LOSING MONEY.  CAN I REPORT MY YEARLY LOSS AND REDUCE MY TAX LIABILITY. 

    1 reply

    Employee Tax Expert
    November 16, 2022

    No.  Your IRA is a tax deferred account.  Neither the gains or the losses flow through to your tax return.