Permalink Submitted by Alan - IRA critic on Wed, 2015-01-21 19:56
A miscellaneous itemized deduction can be taken if all owned Roth IRAs are closed. The deduction is the amount that total contributions made (but not previously withdrawn) exceeds the amount received in the year the Roth accounts are closed. There is also a 2% of AGI floor deducted from the misc deduction, and taxpayers subject to the AMT cannot use misc deductions.
Permalink Submitted by Alan - IRA critic on Wed, 2015-01-21 19:56
A miscellaneous itemized deduction can be taken if all owned Roth IRAs are closed. The deduction is the amount that total contributions made (but not previously withdrawn) exceeds the amount received in the year the Roth accounts are closed. There is also a 2% of AGI floor deducted from the misc deduction, and taxpayers subject to the AMT cannot use misc deductions.