austin3515 Posted November 3, 2012 Posted November 3, 2012 If there is a loss, how is this taxced? Do they get a loss to offset their regular ordinary taxable income (i.e., the direct opposite effect of positive income on their taxes?) Any web-sites that discuss would be very much appreciated. Austin Powers, CPA, QPA, ERPA
mbozek Posted November 3, 2012 Posted November 3, 2012 If there is a loss, how is this taxced? Do they get a loss to offset their regular ordinary taxable income (i.e., the direct opposite effect of positive income on their taxes?) Any web-sites that discuss would be very much appreciated. Taxpayer can claim a loss but must aggregate all Roth IRAs to determine if there is a loss. See IRS PUB 590 in the Roth section for details. Loss is claimed as a misc deduction. mjb
masteff Posted November 3, 2012 Posted November 3, 2012 See IRS PUB 590 in the Roth section for details. More specifically, page 66. Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
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