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April 3, 2023
Question

How can I deduct my losses in 2023 as miscellaneous deductions in Schedule A as this is not being permitted? If not, can I deduct this later in 2026?

  • April 3, 2023
  • 2 replies
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I incurred loss in IRA ($20,000) in the year 2011. I closed all my Roth IRAs in 2022.

2 replies

Employee
April 3, 2023
April 3, 2023

The losses on your Roth IRA accounts are determined in the year you close all your Roth IRA accounts, not by individual year.

 

Also, the loss on your Roth-IRA accounts is no longer deductible after 2017.

 

And that loss is not carried forward until the law eventually changes.

 

Please read this TurboTax article for more information.

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