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Andrew Schwartz CPA
Mar 12, 2009 - 1:17PM
Re: Re: Re: Cash out roth for losses?

It's my understanding of the rules that if you liquidate your Roth IRA, and the value at that time is less than the money you contributed, you do get to claim a loss. You'll claim that loss as a Miscellaneous Itemized Deduction.

Remember, these deductions are only allowable to the extent they exceed 2% of your income, and if you itemize for that year.

If you haven't liquidated your Roth IRA yet, it's too late to claim that loss for 2008. Instead, you'll report that loss on your 2009 return.

Zip Code: 01801

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