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Level 1

Question

Spoofing-financial scam

Forum|Forum|3 years ago
January 25, 2023
1 reply
5 views

I was victimized by spoofing/financial fraud with money withdrawn from my traditional IRA. This would normally trigger a tax liability but how do I approach the IRS regarding the fraud and avoid/limit my tax liability. How do I report this on my taxes?

Ask the Experts - Tax Law Changes - Jan 2023

Level 15

First, you should contact the financial institution to make them aware of the theft. Then you need to file a police report.

Your financial institution should not be issuing you a 1099R for the withdrawal since you did not withdraw the money. They may require a copy of the police report, though.

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