We are looking to convert an IRA to a Roth IRA.  I took a loss on a variable life policy that was converted to an annuity.  Can we use that loss to offset the tax due on a Roth conversion?

The conversion to the Roth IRA is taxed as ordinary income. Please talk to a tax advisor or insurance professional with respect to whether or not you can deduct a loss on a variable life policy.

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