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Not knowing enough I agreed to invest $500 into a Roth IRA account on advice from a financial advisor (I know!). The account after 5 years is only worth $324. I am closing the account and wanted to know if I can claim the loss on my income taxes? I have a 401K thru my work that has done great, so I don't want to invest the money in another roth.

Why not just transfer the account away from the financial advisor, add to it in any years that you are eligible, and treat it like any of your other investments?

It almost sounds to me like you think that your only choice with the Roth is to leave it where it is or close it, but it is like any other account, and you can just move it to a different broker.

Even if you make too much now to contribute more to it, you never know when things might change and you will be able to contribute. I'm in that situation, and yet through being out of work at various times, I have been able to contribute to a Roth a couple of times. During those years, I max out the contribution, and invest the money as part of my entire portfolio.

But I don't really see any reason to close it.
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