Capital gain/loss
On a simple non-Roth IRA , if I started with a $6,000 IRA and by the end of the year that $6,000 turned into $0, is that a loss that I can write off?
On a simple non-Roth IRA , if I started with a $6,000 IRA and by the end of the year that $6,000 turned into $0, is that a loss that I can write off?
No. If your Traditional IRA lost money you will just have less income to pay tax on when you take it out or convert to a ROTH.
You used to be able to deduct it but only If this was your ONLY IRA and you closed it AND did NOT take the tax deduction for your contributions.
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