Can I deduct a loss of -$2,650 on my taxes from my 401k? I had to sell some investments and this is the hit I took.

sagtowner · ‎June 4, 2019

macuser_22 · ‎June 4, 2019

You don't. Gains and losses within tax deferred retirement accounts are not reportable. You do not pay tax on gains and you cannot deduct losses.

You pay tax on distributions, but an internal loss just means that there is less money in the account to pay tax on when it is distributed.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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macuser_22 · ‎June 4, 2019

You don't. Gains and losses within tax deferred retirement accounts are not reportable. You do not pay tax on gains and you cannot deduct losses.

You pay tax on distributions, but an internal loss just means that there is less money in the account to pay tax on when it is distributed.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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Can I deduct a loss of -$2,650 on my taxes from my 401k? I had to sell some investments and this is the hit I took.