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Asked 11/11/2008
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I have 2 different 401K plans. Plan 1:I took a $16000 loan on my previous employeers 401K plan. I will be penalized 10% + the early withdrawl tax. Plan 2: I lost $16,000 form a self directed IRA.
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Answer 1/1 - Submitted 11/11/2008
Yes, but its complicated You can deduct losses in a retirement account if you withdraw all money from all like IRA accounts and the amount you withdraw is less than the after-tax amounts(Basis amounts) in the IRA. So for your traditional IRA you must withdraw all the money from all traditional IRAs you have and the amount must be less than any after-tax contributions you made to the account. You might want to consult a tax professional on this one.
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