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Author: buck4u One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120807  
Subject: Roth loss tax deduction Date: 4/4/2013 3:04 PM
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My wife and I met with a financial advisor to create a Trust and review our long term plans. He also suggested among other things, that my wife and I both open a Roth IRA with $500 each. After we did this I realized that I could do better with my stocks and my current 401K plan at work and have not contributed anything to these accounts since they were started in 2007. I got a letter stating that since these accounts are under $500, they can liquidate the accounts with a 10% federal income tax and additional 10% penalty for being under 59 1/2. I do not really want to throw more money at a bad investment by keeping the balance above $500.

My question is, can I write any of the loss off if/when they liquidate the accounts?
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