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Happy Holidays.

I invested $2000 in a ROTH IRA in Y2k in a internet stock, since I didn't know the investing principles then (may be even now :-) ), I let that account drop to almost $0.

Now, I am not eligible to contribute to ROTH anymore. (I shrunk the golden opprtunity of ROTH in a silly internet stock)

I am wondering is there any way I can close this ROTH Account and salvage some some tax deduction. I heard last year that I can take this ROTH loss against the Misc. deductions in schedule D and it is limited to 2% of AGI.

Is Misc Deduction still limited to 2% of AGI and is this in addition to the 2% limitation on the schedule A.

I know it may be too late to take any action this year, probably I can use this information for next year.


- Rkbandi
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