I put in $2000 into my ROTH IRA for year 2000.
Now this account is worth only $1400.
I want to take a $600 tax deduction (itemized under misc. deduction).

How do I do it.

Do I have to withdraw this entire amount and close the Roth IRA account?

Will I get any form showing the loss amount?

thank you.

To take the decution, you must take a full distrbution, and itemize under Misc as you have stated.
Also file Form 8275- disclosure statement

Whoa! Think about what you have just suggested.

You plan to kill an IRA to get a 600 deduction? Assuming a 40% tax rate, the benefit would be just $240. If you leave the $1,400 in the IRA and let it compound at 10% for 40 years you amass $63,000.

Don't forget the time you will spend preparing the paperwork, tracking the transaction and filling out tax forms. Keeping the IRA might be more attractive.

Investments flucuate in value. I would suggest sticking with your IRA and playing for the long term values.