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??Answer Question
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.
Answer by halfpint_ny at 1:25 PM on Jan. 24, 2009
Answer by sweetscrappin at 2:25 PM on Jan. 24, 2009