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Old 02-23-2018, 01:28 PM
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Join Date: Feb 2018
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ROTH IRA early withdrawal/account closed

Does anybody know if there is a tax rule, if you closed out roth ira account (early withdrawal/closed due to huge loss) before April 15, 2018 if you can claim Sch A losses from ira in 2017 or it's a definite 2018 transaction?



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Old 02-24-2018, 05:20 AM
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in the same year when you closed the accct. A loss can be claimed only if there is basis and that basis is higher than the amount withdrawn. The IRS does not permit you to deduct losses from your Roth IRA on a year-to-year basis, so the only way to deduct your losses is to close your Roth IRA accounts.only in very rare situations can you deduct losses in your Roth IRA account. To qualify for the deduction, you must close all of your Roth IRA accounts, including Roth IRA accounts that have profits



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