My $5900 in Roth contributions over a three year period (1998 - 2000) has dwindled down to approximately $2100. If I terminate my Roth, would I be able to take a deduction for 2002 for the $3800 in losses? Would there be any tax or penalty paid by me on the distribution? Also, would I be allowed to open a new Roth immediately so that I could make my 2001 contribution before April 15 and still be able to take the tax deduction?

See the article at this thread for information on deduction IRA losses.



http://benefitslink.com/boards/index.php?showtopic=13826





Regarding making a contribution prior to April 15- yes that can be done.

Note however, these is no deduction for Roth IRA contributions.