early 401k withdrew

Forum|Forum|6 years ago
May 26, 2020
3 replies
35 views

Hi,

I would like to know if I do early 401k withdraw and I have lost 100k in Stock this year (Realized loss)

Would i be able to not to pay any taxes for withdraw since I have loss money during this year.

Thanks in advance.

fanfare

Level 15

the Tax Code prevents you from doing this sort of thing by limiting your capital loss to no more than $3,000 per year

if you wish, you may take out $3,000 from your 401k (not recommended). You will still have to pay the 10% penalty of $300.

tahervaziriAuthor

Level 2

Sorry,

I had loss of 100k this year in my normal account.I would like to withdraw 401k so The loss of 100k can be tax deductible for 401k ? is the loss even for this year is limited to $3000 ?

Thanks,

Taher

fanfare

Level 15

sorry but this is your original question and I answered it above.

early 401k withdrew

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