Tax implications of echanging fund into my SIMPLE IRA
So here's the deal...I parked about 3900 in an individual account thru vanguard this year. The value is now 2900. I am waaaay off on my tax estimations for my business,so I need more deductions. As such, I decided to exchange these funds for those in my SIMPLE IRA
My assumption is that a) I will now be able to deduct another 2900 from my taxable income because the $$ is now in my SIMPLE IRA b) I will also be able to claim a capital loss of $1000 because I lost $1000 in the individual account.
I guess my main uncertainty is the capital loss...I never had to deal with this before.
Am I right?