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sierrarst
New Member

Can I claim a loss on an annuity that I cashed out?

 
1 Reply
Vanessa
Level 3

Can I claim a loss on an annuity that I cashed out?

Unfortunately, no.  In previous years, in some cases it could be deducted as a miscellaneous itemized expense subject to the 2% of AGI threshold, however, the new tax laws eliminated the miscellaneous itemized deductions so your annuity loss is not deductible. 

"You can no longer claim any miscellaneous itemized deductions. Miscellaneous itemized deductions are those deductions that would have been subject to the 2% of adjusted gross income limitation."https://www.irs.gov/publications/p529

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