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

I rolled over a 401k...
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?
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Answered in 2 minutes by:
3/3/2008
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,316
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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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
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,316
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Verified
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