Ira IRS Publication
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Question: Claiming losses in ROTH IRA.?
I closed my Roth IRA in 2009 and want to claim losses on Schedule A.
In 2003 I converted Simple IRA to Roth IRA and the amount ($12000) is indicated on that year form 8606. Also I made contributions to this ROTH IRA account in 2005 and 2006 ($4000 each year). But looking at 2005 and 2006 Federal return I do not see any indication of these contributions (no form 8606). I do my taxes using TaxAct so I probably put the contribution but 8606 was not generated.So now I need to establish the basis and every publication says that I have to use 8606 tax forms from previous years to do that. So even though I contributed $20K the IRS knows only about $12K.
My question is: can I still use the basis of $20K? I have brokerage statements from previous years that show the contributions made.Thanks.
Answer: Sure. That is the correct basis.
The brokerage firm reported the contributions to IRS each year so they do have a recorde.
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