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Unfortunately - that would not be correct interpretation.IRA distribution may not be classified as a theft.A theft is the taking and removal of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and must have been done with criminal intent. IRA distribution is not illegal and there is no criminal intent here.However - the victim may partially offset taxable income from IRA distribution by claiming the theft loss.
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