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Asked 1/15/2009
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401k losses deductible? We cashed in my husbands 401k in 2008. I know we have to pay taxes on the amount we recieved but we ended the eyar with a -$6000. Is that amount lost, deductible on our tax return? |
Answer 1/3 - Submitted 1/15/2009
No its not. The amount you take out is treated as ordinary income, as you mentioned. The IRS does not consider that the fact that you had put in more than you are getting out as a loss. This is different from investing in a stock, where the income on selling is a capital gain (or loss).
Answer 2/3 - Submitted 1/15/2009
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