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Asked 11/10/2008
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How can I claim the major losses to my 401 K on my income tax form for 2008 ? I had income of $13,000 from a job in 2008. I retired in June 2008 at age 69. I get a monthly social security check of $1000 . I am single and now want to take out all money in my 401 K in cash for my living expenses. Can I claim losses to my 401 K on my income tax return form? I own a home and itemize deductions. Does the money I take out of my 401K in cash simply add to my income for which I have to pay tax on? Is there a penalty? |
Answer 1/1 - Submitted 11/10/2008
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