Hello,
I had a curious thought. I still carry a good amount of capital losses from 2008-09.
If I convert a 401K into a Roth IRA can the carried capital loss above the $3000 annual amount be used to reduce or eliminate the total tax due from the rollover?
Thanks,
Dennis
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On Tuesday, May 2, 2023 at 11:12:45 AM UTC-4, Dennis McGuinn wrote:
Hello,
I had a curious thought. I still carry a good amount of capital losses from 2008-09.
If I convert a 401K into a Roth IRA can the carried capital loss above the $3000 annual amount be used to reduce or eliminate the total tax due from the rollover?
Thanks,
Dennis
--No.
Ira Smilovitz
On Tuesday, May 2, 2023 at 11:57:51 AM UTC-4, ira smilovitz wrote:
On Tuesday, May 2, 2023 at 11:12:45 AM UTC-4, Dennis McGuinn wrote:
Hello,
I had a curious thought. I still carry a good amount of capital losses from 2008-09.
If I convert a 401K into a Roth IRA can the carried capital loss above the $3000 annual amount be used to reduce or eliminate the total tax due from the rollover?
Thanks,
Dennis
--No.
Ira SmilovitzAnd I think that is because the income from conversion is Ordinary income and you can only use up to $3K/yr of capital losses to offset your ordinary income?
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