Permalink Submitted by Alan - IRA critic on Sat, 2021-06-12 16:53
There is currently no way to claim a loss in an IRA of any type. The misc. deductions subject to 2% AGI floor were suspended in 2018 under the TCJA. Even before these were suspended, most TIRAs have no basis meaning that no taxes had been paid for contributions in the first place. For a Roth IRA the deduction could have been used, but in either case all TIRA or Roth IRAs would have had to be fully distributed to claim the loss prior to 2018.
Other than a tax deduction, if you were given bad investment advice or if there was fraud involved, you might have a legal remedy through the courts.
Permalink Submitted by Alan - IRA critic on Sat, 2021-06-12 16:53
There is currently no way to claim a loss in an IRA of any type. The misc. deductions subject to 2% AGI floor were suspended in 2018 under the TCJA. Even before these were suspended, most TIRAs have no basis meaning that no taxes had been paid for contributions in the first place. For a Roth IRA the deduction could have been used, but in either case all TIRA or Roth IRAs would have had to be fully distributed to claim the loss prior to 2018.
Other than a tax deduction, if you were given bad investment advice or if there was fraud involved, you might have a legal remedy through the courts.