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Asked 8/8/2011

Cash out of 401K and write off Losses from Fed Tax Filing?

I have a 401K (pre tax) still , with a company I worked at for over 10 years (1999 to 2009) While I contributed the entire 10 years the value is now 1/2 of what I put in and the stock in which I bought is very low. When/IF I cash in and pay the 20% Tax and the 10% penalty can I write off the losses on my personal income Fed Tax ?

 
 
 
 
 
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