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Can you claim A $30,000 Loss in your 401K ??

DH is Laid off Again! This time may be long term!! He gets $263.00 per Week on UE. He lost $30,000 in his 401K. Can he claim that loss any where? So many things Are going Wrong & Breaking Down! Each year I hope Life will get Better so I can see A DR.. for my many Health issues! I go without.... No 'scripts, inhaller, Dental Work, My Glasses & Contacts are over 5 years old.. I feel Awful! More migraines ,aches, pains & problems Etc.. What can you suggest??

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Angellinda

Asked by Angellinda at 1:15 PM on Jan. 24, 2009 in Money & Work

Level 21 (11,804 Credits)
Answers (3)
  • No, you can't claim loss on your 401K. If you have an investment, you could claim up to 3K loss per year. Sorry to hear about your health issues. If I could only help I would. I'm paying 400.00 for my stupid insurance right now.
    erlsk

    Answer by erlsk at 1:24 PM on Jan. 24, 2009

  • What if my 401(k) drops in value?


    Generally, you can not claim a capital gains loss on your retirement accounts that already are receiving favorable tax treatment. The only time you would have a loss is when you receive a distribution that had previously been taxed. For more information, see Publication 575, Pension and Annuity Income.


    http://www.irs.gov/newsroom/article/0,,id=201872,00.html

    halfpint_ny

    Answer by halfpint_ny at 1:25 PM on Jan. 24, 2009

  • you can try to qualify for medical thru your state... when we hit a pinch last year with ours insurance i got covered for 6 months, and had everything taken care of, and the nice thing is, i even qualified after i was done with my insurance for my meds... you pay like 20 dollars a month depending on what you need etc,.... i think its worth a shot.. i was told that so many people are applying but hardly anyone was being refused. They said that the more people apply the more they get from the government, ( this was last year) and that the more people who are in need, the more that they will help .... try it,
    sweetscrappin

    Answer by sweetscrappin at 2:25 PM on Jan. 24, 2009

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