I want to make sure I am not missing something because the dollar amounts involved are huge. 

The taxpayer and spouse had IRA accounts totaling $589,000 which became worthless in 2020.  They received final Forms K-1 with the IRA as the partner showing ordinary business income losses totaling $568,000 and distributions totaling $21,000.

All the IRA contributions were tax deductible and they have no basis in the IRAs from non-deductible contributions.

As understand the Tax Cuts and Jobs Act it eliminated the miscellaneous itemized deductions so even if there was basis there still would be no write off.

Is that correct, no write off anywhere, no how?