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Bad Business Debt
I used personal funds in 2016 to pay off a business loan from our closed business (it was closed in 2008). To pay the loan debt I used funds from my 401k (I withdrew $49k). I realize I will have to pay the 5% penalty but is there any way I can write off the $49k as bad business debt so I do not have to pay personal income tax on the withdraw?
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May 31, 2019
6:50 PM