Late in the tax year, the Polks come to you for tax advice. They are considering selling some stock investments for a loss and making a contribution to a traditional IRA. In reviewing their situation, you note that they have large medical expenses and a casualty loss, with neither being covered by insurance. What are the tax implications of selling the stock and making a contribution to a traditional IRA?

1. The loss on sale of stock will.....

2. The contribution to a traditional IRA will...