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No, you cannot claim tax deductions for loss on investments in your IRA. Your profits and losses are tax deferred until retirement. If at age 59-1/2 you still had losses when you took distributions: ie total account balance was less than your aftertax contributions, deductibility of losses becomes an interesting question. But you would have to badly mismanage your account for that to happen.

Jumping ship when you have a weak performing fund is always a difficult question. You would hate to bail out just before it recovers. Still if it has under performed the indexes in say two of the last three years I would jump. Any fund can have a bad year, but if it seems to be a trend, do not hesitate to move.

Decide for yourself, but best of luck to you.
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