Can I use my capital losses ( stock losses) to offset oweing income taxes on rolling an IRA to a ROTH IRA ?

Answer 1

Only can use up to $3000 against any type of income. If more than that remember to buy mutual funds in dec next year & use that cap gain to offset your loss.

Answer 2

No.

They are two different items. Capital losses can only offset ordinary income up to $3000. An IRA conversion is considered ordinary income.

Answer 3

no longer even close. you could purely take $3000 of internet capital loss each and every 365 days - something over it relatively is carried over to years to come, and $3000 of that's hit upon it or lose it each and every 365 days. And in spite of everything, a capital loss offsets an identical quantity of earnings, no longer tax, so the $3000 for the present 365 days might offset $3000 of the $100K, no longer of the $28K tax. The STCG may be netted with any LTCL, yet on your difficulty might make no distinction.

Answer 4

Capital losses can only be used to offset capital gains. If you have a net capital loss for the year, you can only deduct $3,000 of it. Any residual loss after deducting the $3,000 is carried over to future years.

Answer 5

your stock losses will lower your adjusted income which in turn will save you some money from the roll over.