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I contributed 2K to my IRA this year, and bought nokia stock at 23.26.
I am now rolling this over to a ROTH, it is now worth 15.51.
When I rollover from my IRA to a ROTH I understand that I will be taxed for the value that it is currently worth ($1,333).
My question is: Can I now contribute $677 more and still be under the 2K limit for the year?

P.S. Becouse I never claimed the original $2k on my taxes it will rollover without taxation.

Thanks for all the help, you guys and this forum are great!
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No. of Recommendations: 0
I contributed 2K to my IRA this year, and bought nokia stock at 23.26.
I am now rolling this over to a ROTH, it is now worth 15.51.
When I rollover from my IRA to a ROTH I understand that I will be taxed for the value that it is currently worth ($1,333).
My question is: Can I now contribute $677 more and still be under the 2K limit for the year?


No. You made a $2000 contribution, it's just unfortunate it made loses.

P.S. Becouse I never claimed the original $2k on my taxes it will rollover without taxation.

When you made the contribtion it was an IRA contribution, not a Roth, you have no choice but to show it on your tax returns. It's to your benefit, you get a $2000 deduction, but you only add back $1333 taxable.
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