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To: TMAC who wrote (8443)10/16/1998 2:20:00 PM
From: Mark_H  Respond to of 42834
 
I don't know for sure, but it depends on the the basis of the IRA and not it's value at a given time. If your basis is greater that $8,000, then your withdrawal will be at a loss, if not, you will still have a gain to be taxed. (At least, this is the way I understand it)



To: TMAC who wrote (8443)10/16/1998 3:28:00 PM
From: Wren  Respond to of 42834
 
TMAC, no you can't. You don't have any tax basis in a traditional IRA (unless there were non-deductible contributions).

If you convert, you would pay tax on the value on the date of conversion ($8,000 in your question).


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