can the stock lost that I have will cancel out with my 401k money?
can the stock lost that I have will cancel out with my 401k money?
I still have a $27000 stock lost from the past 8 years and I'm planing to take out $27000 from my 401k.
The question is: Can these two cancel out to each other and I don't have to pay any tax on the money? or do I still have to pay?
I know I still have to pay the 10% penalty.
Answers:
Chosen Answer
Spock (rhp): the 401k withdrawal is NOT a capital gain and can NOT be offset with your capital loss carryforward. 401k withdrawals are ordinary income.
2008-02-07 08:42:49
Spock (rhp): the 401k withdrawal is NOT a capital gain and can NOT be offset with your capital loss carryforward. 401k withdrawals are ordinary income.
2008-02-07 08:42:49