topic Where do i deduct a 304.36 investment loss from a 401k overwithhold in turbotax? 2) does that deduct from earned income or only short term or long term losses? in Investors & landlords

Where do i deduct a 304.36 investment loss from a 401k overwithhold in turbotax? 2) does that deduct from earned income or only short term or long term losses?

jtebeaux37 — Sun, 05 Jul 2020 00:04:34 GMT

the 304.36 was the loss after the lesser amount was reimbursed to me later. I dont have any short term or long term capital sales for 2019.

Re: Where do i deduct a 304.36 investment loss from a 401k overwithhold in turbotax? 2) does that deduct from earned income or only short term or long term losses?

Critter-3 — Sun, 05 Jul 2020 00:10:42 GMT

What ???? Did your 401K lose value ?? What is a "401K overwithhold" even mean ? Did you have a distribution reported on a 1099-R?

Re: Where do i deduct a 304.36 investment loss from a 401k overwithhold in turbotax? 2) does that deduct from earned income or only short term or long term losses?

VolvoGirl — Sun, 05 Jul 2020 00:37:21 GMT

We don't know what you are asking. But a 401K is deducted from your paychecks pretax meaning before taxes. You never paid any tax on it in the first place. So you can not deduct any losses since it was never included in your income to start with. So if you took out less than you put in you only get taxed on the amount you take out. You get the loss by only paying tax on what you withdraw.

If they took out withholding on your distribution you get credit for it when you enter the 1099R.