401k rollover loss? | 401k Questions

Question

Asked 2/19/2007

401k rollover loss?

I rolled over a 401k from a former employer to my IRA in 2006. The 401k was a straight stock purchase plan, w/o any employer contribution. I had invested about $6000 in the plan, and when I did the rollover, the value of the 401k had gone down to around $4100 due to a drop in the company's stock price. Is there any way to take advantage of this loss when filing my 2006 taxes?

Thanks!

Answers

Answer 1/4 - Submitted 2/19/2007

No, I don't believe there is. You can only take the loss when you actually SELL the stock, and then you use that to offset capital gains. Since you still hold the stock, it doesn't matter what the current price is.

Answer 2/4 - Submitted 2/19/2007

No.

As the money was never taxed, losses are not able to be realized even if you cash it out.

Answer 3/4 - Submitted 2/19/2007

No, losses on a 401K are not deductible.

Answer 4/4 - Submitted 2/19/2007

There is, but only when you reach retirement age, and then only to the extend that the value of the fund dropped below your contributions. Loss of the value of the employer contributions or any gain is not deductible. You must withdraw ALL remaining funds from the account to take the deduction. As far as I can tell, rollover distributions aren't eligible for the deduction.

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