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Asked 11/30/2008

Can I get a tax credit on my income tax return for losses in my 401k?

Since my 401K lost 45% this year, can I claim a tax credit on my 2008 Federl Tax Return? And how would that affect me when I retire an d withdraw the money?

 
 
 
 
 
Answers

Answer 1/3 - Submitted 11/30/2008

No, you cannot. As long as your holdingsare in your 401k, you've actually incurred no real loss. Only if you took your money out of a 401k, put it into stocks which then lost value would you be able to claim something.

 
 

Answer 2/3 - Submitted 5/16/2010

Can you tell me i earned $30,000 and I am single status what amount of tax i would have
paid in 2000 now same amount 30,000, single in 2010. My brother and I are having a discussion. thank you!

 
 

Answer 3/3 - Submitted 5/16/2010

Donna111, you really should post this as a new question, it may be overlooked as it has little to do with the original question on this thread.

 
 
 
 
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