How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark D Your Own Question
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1249
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
8056330
Type Your Tax Question Here...
Mark D is online now
A new question is answered every 9 seconds

I rolled over a 401k account to TDWaterhouse in 2003. Since ...

This answer was rated:

I rolled over a 401k account to TDWaterhouse in 2003. Since then   I have lost all the money that was in that account through bad investments, now the IRS is asking me to take money out since I    am over age 70. There isn''t any money left in the account. Do I have to pay taxes on all the money that I have lost?

DK,

You will only pay taxes on distributions you take. If there are no funds in the account, you will no be able to take such distributions. As a side note, you will also not be able to deduct these losses.

Regards,

Mark D

Mark D and other Tax Specialists are ready to help you

Related Tax Questions