Join us at 1 p.m. ET Thursday for an AARP Coronavirus Tele-Town Hall on managing your money. Learn more.
by AARP Tax-Aide, AARP en Nuevo México, February 9, 2009
Q: My Roth IRA, on which taxes were already paid, has lost a lot of money. Can I take a tax loss on this?
A: Not while you still have ANY Roth IRA accounts.
When you liquidate the last of your Roth IRA accounts, if you get back less than the amount you converted and/or contributed, there is the potential to take a loss, which is counted as a miscellaneous deduction on line 22 of Schedule A.
These questions are actual inquiries submitted by taxpayers to our AARP Tax-Aide Program. The AARP Tax-Aide Program is a volunteer-run, free tax-preparation and assistance program offered to low- and middle-income taxpayers with special attention to those age 60 and older. Our volunteers are trained and IRS-certified to understand individual federal-tax issues. Our volunteers provide tax assistance as a public service and cannot guarantee the accuracy of the information provided.
Please leave your comment below.
You must be logged in to leave a comment.
AARP Members get $2 off Audible’s monthly membership
Members save 15% all day, every day at participating locations.
Exclusive program for members from The Hartford.
AARP members receive exclusive member benefits & affect social change.
You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits.
Your email address is now confirmed.
Manage your email preferences and tell us which topics interest you so that we can prioritize the information you receive.
Explore all that AARP has to offer.
In the next 24 hours, you will receive an email to confirm your subscription to receive emails
related to AARP volunteering. Once you confirm that subscription, you will regularly
receive communications related to AARP volunteering. In the meantime, please feel free
to search for ways to make a difference in your community at