I went from a Sep IRA to IRA to Roth and bought a stock that we thought would be good but it tanked. I paid taxes on the money in 2001. The roth is about worthless now. Is there any way to recover the tax that I paid. I'm sure not, but just trying to get some answers. And yes, I know only pick stocks that are going up.

A common issue. You can find multiple threads using the search feature and key words like "Roth IRA Tax Loss".

Here are some refs:

http://www.benefitslink.com/mbmirror/12927.html

http://www.benefitslink.com/mbmirror/8252.html

http://www.benefitslink.com/mbmirror/17047.html

Note, the imbedded reference to the Motley Fool article - it is worth a read.

You can find out how to claim IRA tax losses by reading IRS Pub 590 available on the iRS web site.

This URL takes you directly to the section of IRS publication 590 that addresses Recognizing Losses on Investments (in Roth IRAs)

http://www.irs.gov/formspubs/page/0,,id%3D...31,00.html#T102