Search found 3 matches
- Sun Oct 26, 2014 12:36 pm
- Forum: Personal Finance (Not Investing)
- Topic: Close roth for tax deduction and open new one in same yr?
- Replies: 11
- Views: 1694
Re: Close roth for tax deduction and open new one in same yr
Thanks everyone for the valuable feedback! As far as how one loses so much to make it worthwhile, we lost a lot when the market tanked a few yrs ago then did the worst thing and got into gold funds for security, which backfired, ultimately leading to a young man trying to recoup big losses trading leveraged etfs, which only multiplied the pain. Learned my painful lesson and have large losses to show for it. As far as how to proceed, sounds like I need to talk to an accountant to see if it's worth cashing out.
- Thu Oct 23, 2014 1:13 pm
- Forum: Personal Finance (Not Investing)
- Topic: Close roth for tax deduction and open new one in same yr?
- Replies: 11
- Views: 1694
Re: Close roth for tax deduction and open new one in same yr
2. Once the money is out, it's out -- but you are still subject to the annual cap on Roth IRA contributions. If you've already contributed the max this year, you can't just open another Roth IRA and do it again. I've researched it enough to know that I can take the deduction and how it works. What I can't seem to figure out is if I can still open a new Roth IRA shortly after, and within the same yr, because I don't know if that would be treated as a Rollover/Transfer to another Roth IRA when I deposit the funds in the new Roth IRA? I haven't made any contributions to a Roth IRA yet this year. So I'm eligible from that standpoint. I just don't know if doing so within a certain time frame could somehow disqualify me from deducting the loss o...
- Thu Oct 23, 2014 10:23 am
- Forum: Personal Finance (Not Investing)
- Topic: Close roth for tax deduction and open new one in same yr?
- Replies: 11
- Views: 1694
Close roth for tax deduction and open new one in same yr?
My wife and I have little left in our roth ira's but significant losses. I'm considering closing them both to be able to deduct the losses. Can I close the accounts, request a payout, and then turn around and open a new roth for each of us a few days later and still be able to deduct the losses?