IRA rules?

disneyjoe7

Can you claim a lost of your IRA?

polktiger

Not sure what you mean by a loss of your IRA...

If you are asking about losses within your IRA (ie you owned bank of america stock within the IRA you purchased for $60 and you sell it for $30); the answer is no, you can't deduct thoses losses.

janmike

Steve, the governments only what to know about your gains. :eek:

reeltrouble1

Wasn't IRA one of your Witness Security buddies? And now you lost him???

You should check in right away.

RT1

disneyjoe7

Confused on this can I sell it, then I have been lost $$... I know I heard you could do it, I heard you can't do it.

polktiger

disneyjoe7 wrote: »

Confused on this can I sell it, then I have been lost $$... I know I heard you could do it, I heard you can't do it.

You are overthinking this...

It doesn't matter what happens in an IRA. You can day trade in your IRA, make $1 million in a week and no taxes due. You could lose $1million in the IRA and nothing happens. While the money is inside the IRA it will have no impact on your tax return. That money is in its own little world for tax purposes.

All that matters with an IRA is what you take out of it. If you take any money out of a traditional IRA you pay tax on what you take out. If it is a RothIRA what you take out is taxfree since you paid tax on the money that goes in.

It is possible to make non-deductible contributions to a traditional IRA which will make some changes to the above, but all you need to worry about from a tax stand point is what you pull out of the IRA since that is what will impact your tax return

cfrizz

If you sell it before you are the correct age and don't roll it over to another IRA, you will pay a penalty tax for cashing it in early.

disneyjoe7

Thanks Anonymouse,

I could cash all that type in, the problem is the over the 2% AGI that could be an issue. i have to look into last years and do a quick review to see if it's worth the PITA.