TAXMAN Posted March 3, 2010 Report Posted March 3, 2010 TP Age 67 now had put 10k into roth IRA. Broker invested in stock that became next to worthless during year. TP did manage to sell for $100. Brain warp now. This does goe to Schedule A not subject to 2% rule. Correct?. There was a discussion that this could possibly be considered A Schedule D transaction. I don't see how. Agree or not? Many thanks Quote
Don in Upstate NY Posted March 4, 2010 Report Posted March 4, 2010 Do you mean that he closed out the Roth Account and only received $100 as a distribution, or that he sold the stock within the Roth account and only received $100? Quote
TAXMAN Posted March 5, 2010 Author Report Posted March 5, 2010 Broker sold the stock in the Roth, CLOSED IT AND SENT tp $100. Tp has no more Roth or straight IRA's. Does this help my situation? I believe unless he is dead this is subject to the 2% rules and if I can't make the A work it too is gone like his money. Thanks Quote
jasdlm Posted March 5, 2010 Report Posted March 5, 2010 Miscellaneous itemized deduction subject to 2%. I haven't seen anything that changes that. Quote
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