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Question

Asked 1/31/2010

Credit for Savings lost

On Line 30 of the IRS 1040 Tax Form, can I claim my loss for taking a lump sum from a 403B Annuity from a company and transfering it into a new company under a 401K?

 
 
 
 
 
Answers

Answer 1/2 - Submitted 1/31/2010

I lost $6,000.00 in value on the annuity by transferring it to another company.

 
 

Answer 2/2 - Submitted 1/31/2010

Since the money has not yet been taxed, losses cannot be deducted.

You will simply have less in the fund to pay taxes on in the future, when you take it out.

 
 
 
 
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