I converted my traditional IRA to a Roth IRA in '98. Due to some unfoolish investing, my total IRA distribution was $6,969. My basis (nondeductible contributions) was $10,530. Running these figures through my tax software, I get a conversion figure of $-3,561 on my 8606, and the software transfers it to Form 1040 line 15b as a loss, which lowers my AGI by that amount. Is this accurate? I'll gladly take the tax writeoff, but I was under the impression capital losses weren't allowed within an IRA. I realize this is an unusual situation, since not too many people manage to lose money in an IRA, but any clarification would be appreciated.
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