Can I claim 401(k) losses on my taxes?

Answer In almost all cases, you cannot deduct a loss from your 401k on your taxes. In order to claim a loss, you must cash out the account and the total that you received in distributions must be less tha... Read More »

Top Q&A For: Can I claim 401(k) losses on my taxes

Do i have to claim 401k withdrawal on my taxes?

On One Hand: Yes, You Do.You must report a withdrawal from your 401k retirement account when you file your taxes, according to TurboTax. The income in your account is tax deferred, so you don't act... Read More »

Do I Have to Claim 401k Withdrawals on My Taxes?

You must report 401k plan withdrawals on your taxes. Traditional 401k plan withdrawals will be included in your taxable income. Qualified withdrawals from a Roth 401k plan must be reported but will... Read More »

How to Show 401(k) Losses on My Taxes?

A 401(k) loss is considered a miscellaneous deduction by the IRS. To claim miscellaneous deductions, you must use a Schedule A. Not all 401(k) losses are able to be claimed; only special circumsta... Read More »

Can stock losses be written off your taxes?

You can write off up to $3,000 from stock losses against other income in a single year. If you have more than a $3,000 loss, you can carry the leftover portion to the next year. In fact, substantia... Read More »