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
And 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?
Correct.
Ira Smilovitz, EA Leonia, NJ
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