jjbski
Jan 1, 2009, 09:04 PM
If you were to pull money out of a 401k and have to pay the taxes on the early withdrawal - I understand this cost. The question that I have is that if you put in say $100,000 into the 401k and it is only worth $80,000 now, are you able to write off the $20,000 in reduced value?
The logic is that because you earned this money and now the $20,000 is gone, can you use this to help offset the taxes that you would pay on your income taxes when filing in the following year?
The logic is that because you earned this money and now the $20,000 is gone, can you use this to help offset the taxes that you would pay on your income taxes when filing in the following year?