Permalink Submitted by Alan Spross on Fri, 2009-11-13 20:22
Only if ALL your Roth IRA accounts are closed. The amount that your contributions exceed the amount received in closing the account(s) is eligible to be reported as a misc itemized deduction subject to the 2% of AGI floor. Certain other misc deductions can help satisfy that 2% figure as well. However, if you are subject to AMT, then the misc deductions are not allowed. Also, you obviously must have other deductions that exceed the standard deduction in order to itemize.
Permalink Submitted by Alan Spross on Fri, 2009-11-13 20:22
Only if ALL your Roth IRA accounts are closed. The amount that your contributions exceed the amount received in closing the account(s) is eligible to be reported as a misc itemized deduction subject to the 2% of AGI floor. Certain other misc deductions can help satisfy that 2% figure as well. However, if you are subject to AMT, then the misc deductions are not allowed. Also, you obviously must have other deductions that exceed the standard deduction in order to itemize.