Question

If I lost IRA money in the stock market before I moved it to an IRA savings account, can I deduct that loss or recoup some of the money on my tax return?

Forum|Forum|3 years ago
November 10, 2022
1 reply
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TurboTax Deluxe Online

Employee

No you will just have less income to pay tax on when you take it out. If you are rolling it over to another IRA account there should be no taxes due on it.

N

NCPERSON1

@sbowen32 - remember, you never paid tax on that money up front and given it is now worth less than it was originally, you won't have to pay taxes on what you lost on the way out either.

So in effect, the IRS is already subsidizing your loss by not asking you to pay tax on the money originally contributed.