In Jan. I opened a roth ira with 10,000 (5 for '06 and 5 for '07). That account is now down to about 9,000. is there any way to undo the IRA, so I can take tax advantages of my losses.
2007-03-12 04:48:13 · 3 answers · asked by jack 2 in Business & Finance ➔ Taxes ➔ United States
No, you would not be able to take these losses as deductions.
If you take a distribution now you will be subject to a penalty of 10% of the distribution amount.
This account will be earning interest/dividends for years until retirement. At the time of distribution, you will not pay any taxes on the earnings. This is the benefit of the Roth IRA. You can always change the investments, buy/sell stock, etc. The Roth can be invested in whatever you choose.
2007-03-12 18:38:09 · answer #1 · answered by tma 6 · 0⤊ 0⤋
Nope can't undo, but where the heck did you put your IRA that you lost money?
2007-03-12 11:58:30 · answer #2 · answered by lorraine 2 · 1⤊ 2⤋
Sorry, hopefully it will turn around and start growing.
2007-03-12 14:09:06 · answer #3 · answered by nova_queen_28 7 · 0⤊ 1⤋