On Mar 31, 10:52 am, smithf...[at]aol.com wrote:
- quote -

I did not liquidate ALL my Roth IRA a/c -- just 2008 contribution in
this particular Roth. So, even if I didn't jump right back in, I
can't deduct the loss. But I did put in $5K and get back under
$3K. So, that loss is lost forever? [I don't expect the value of all
my Roth would be less than my controbutions when I start withdrawing.]

TIA

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On Mar 31, 6:10�am, 0b3hks...[at]sneakemail.com wrote:
- quote -

The "loss" is only deductible (as a Miscellaneous Deduction subject to
the 2% of AGI rules) if you liquidated ALL your Roth IRA accounts in
2008. Apparently you did not do that, as you immediately jumped back
in with a further contribution.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Feb 1, 9:47 pm, 0b3hks...[at]sneakemail.com wrote:
- quote -


I forgot to ask a related question -- i.e. Do I get to deduct the
loss [negative earnings] -- either for 2008's tax return OR some time
in the future?

TIA

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

<0b3hks001[at]sneakemail.com> wrote:

- quote -

The J is wrong, but it doesn't matter since earnings were negative. Ignore
it.

--
Phil Marti
Clarksburg, MD

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I made the full 2008 Roth IRA contribution in 1/2008. And the market
has fallen over the clif in 2008. I understand the I can withdraw my
2008 contribution plus [negative] earnings -- esentially to cancel my
original 2008 contribution made in 1/2008 -- with NO tax impact. I
did that in 11/2008 -- withdrew the entire 2008 contribution (the
broker made the calculation)-- and then make the full 2008
contribution again in 12/2008.

Now, I have the 1099R for that transaction. The code in Box 7 is "8J".
The form's explanation for 8 is "Excess contributions plus earnings/
excess deferrals (and/or earnings) taxable in 2008." And J = "Early
distribution from a Roth IRA, no known exception (in most cases, under
age 59 1/2). [I am over 60.]

"8J" doesn't sound like the correct coding for this. Anyone knows?

TIA

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >