as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
can capital loss in traditional ira and roth ira be used to offset taxable income?
user
no, you cannot. if you withdraw everything from all your roth ira's and end up with less than the total basis - you can deduct the difference on your schedule a (at the time of the last withdrawal) as an itemized deduction (as misc. deductions with 2% agi cap). regular ira's are pre-tax, you cannot deduct anything from them.
assistant