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Financial Planning / Tax Strategies


Subject:  Re: Close roth account Date:  6/27/2013  4:38 PM
Author:  vkg Number:  118771 of 127753

Theorically, yes. It is unlikely that it will result in an actual reduction in taxes. The loss is reported as part of the miscallenous deductions on Schedule A. Only losses over 2% of your income are a deduction. For a small loss to decrease your taxes, you need to already have miscellneous deductions exceeding 2% of your income and itemizing deductions.
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