Welcome! | Ask A Question

 
 
 
 
Question

Asked 3/11/2009

401K loses

If you have a 401K and you are losing money do to economy can you write this off on your taxes?

 
 
 
 
 
Answers

Answer 1/2 - Submitted 3/11/2009

Sorry but no - as long as it is an active 401k - it is tax free, thus no loss can be utilized for tax purposes. You can once it is taken out and the 401k is no longer active

 
 

Answer 2/2 - Submitted 3/11/2009

No you can't, but you can write off any fees you pay to maintain it, on Schedule A

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
If a person dies, what happens to 401k

My dad just turned 59 april 16,2010. he had retire early on disability. he now has stage 4 lung cancer and has been given only weeks to live. he and my mom are divorced and have been for 30 years. there are 3 of us kids which we are all adults. we have been told that he just loses his 401k if he passes...

See Answers

 
401k loses early withdrawals

I am a 100% disabled veteran living on va/social security benefits. i lost most of my 401k near the end of 2007. i witdrew what was left into a a savings account. i used 9000.00 before the years end. since iam disabled am i liable for penalties, can i write off or get help with my 401k losses? thank...

See Answers

 
If the world loses power to all technology is there a backup of written records of my 401k plan so that it wont be a loss?

I have a 401k plan that i cant touch till i am 50 years old.

See Answers

 
Related Questions

If a person dies, what happens to 401k


My dad just turned 59 april 16,2010. he had retire early on disability. he now has stage 4...

 

401k loses early withdrawals


I am a 100% disabled veteran living on va/social security benefits. i lost most of my 401k...

 
 

Trying to get 401k distrubtion and then get rehired


Company has contract "at will" but has provision is handbook that states employee...

 

Company stopping 401k program, but i have a 401k loan


The company i work for is looking into firing the company that handles our 401k and instead...

 

Can my husband roll his 401k over into my 401k when he changes jobs? his new employer does not have a 401k.


My husband changed jobs a year ago and has funds in the old employer's 401k plan. his...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: