Okay I screwed up and lost a bunch of money in my trad IRA, it’s down to 80k right now. I have a 401k at work too. With my trad IRA so low right now should I convert it to a Roth and pay the tax hit? . My trad ira is from a previous employers 401k.
Also my roll over amount from the 401k was 120k so I’ve lost 40k since the rollover. Is that tax savings on the loss claimable?