Ira Tax Deductible Contributions
July 26th, 2008Question: Losses on closed Roth IRA after 8 years- tax deductible?
I opened a roth in 2000 and have not made any additional contributions since, due to the fact that it has given me a negative return since day one.
Correct me if I am wrong, But you can withdrawal all your contributions after 5 years without a penalty.
My current balance is down 40% from my initial deposit, if I close the Roth out can I deduct the loss off my Federal Taxes this year?
Answer: That is correct. You could redistribute the money into different investments. You should have done it years ago. Put it into government bonds or something safer. Right now the market is down and you can buy stocks at a reduced rate then when the market rebounds you will have more profits.
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