Roth IRA Losses

Forum|Forum|6 years ago
October 15, 2019
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Where are Roth IRA losses put in TurboTax?

NCPERSON1

they are not deductible. while all the gains are tax-free when you take a distribution, the same goes for losses - they are 'tax-free' (i.e. not deductible).

Bees

I should not muddy the waters but.. there was once a loophole where if you closed out all of a Roth at a loss you could claim a deduction. That was eliminated in the 2018 tax law changes. https://www.kiplinger.com/article/taxes/T046-C000-S001-last-call-for-deducting-roth-ira-losses.html

It was a misc deduction on schedule A. Only an answer to a trivia quiz now.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.