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Gains in a regular IRA are not taxable until withdrawn. They are then taxed as ordinary income. Until then, gains and losses within an IRA are ignored for tax purposes. Gains on a Roth IRA will never be taxed.

Your IRA contribution and deduction for 2000 remains the $1,600 you invested. You may still invest $400 before April 15th to max out your IRA deduction.

If you are married, you may also establish a spousal IRA and contribute to it, depending upon your circumstances.

Did you consider a Roth IRA?

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