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I have a Roth IRA that has seen a 90% reduction in value (damn Internet stocks!). Is there any way to convert to a Traditional IRA and realize a tax benefit?
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Author: mweinbach Date: 11/14/01 10:53 PM Number: 32518
I have a Roth IRA that has seen a 90% reduction in value (damn Internet stocks!). Is there any way to convert to a Traditional IRA and realize a tax benefit?

Nope. There is no way to deduct any losses inside any IRA, ROTH or Traditional.

Russ
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I have a Roth IRA that has seen a 90% reduction in value (damn Internet stocks!). Is there any way to convert to a Traditional IRA and realize a tax benefit?

Possibly. 2001 Roth contributions and conversions may be recharactorized to traditional IRAs until Oct. 15. 2002. Recharactactorized contributions will provide a $2000 tax deduction and/or new basis. Rechartorized conversioons refund the tax load of the Roth.

Pre-2001 Roths may not be converted back to traditional IRAs.
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