Mar 27

I have a new retirement plan at the place where I work, therefore I closed my old personal IRA accounts. At that point I had less money in my Roth and Traditional IRA accounts then the amount that I contributed.Is it possible to deduct this loss since the money was transferred to a retirement account?I would really appreciate any help.


3 comments so far...

  • LB Centaur Said on March 27th, 2010 at 4:18 pm:

    No, those are just paper losses, not real losses.

  • Worldly25 Said on March 27th, 2010 at 4:40 pm:

    Paper losses are not deductible. Real losses are written off against profit.

  • efflandt Said on March 27th, 2010 at 5:32 pm:

    You can only deduct a retirement plan or account loss if your total distributions are less than your total “taxed” contributions.

    A transfer is not a distribution.

    You never paid tax for “deductible” contributions to a traditional IRA or contributions to former regular 401k/403b, therefore any loss to those are never deductible.

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