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Ask Dave

Frauded Out Of The Money

Ralph was hit by fraud in his retirement account. Can he get any of the money back?

QUESTION: Ralph experienced a fraud loss in his retirement account. It was resolved through bankruptcy court, but he didn’t get anything. Can he write off any of that?

ANSWER: Ordinarily, embezzlement losses are deductible. For retirement accounts, it’s only if you cashed it out.

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Taxes Made Easy! 

Taxes Made Easy

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Taxes Made Easy! 

Take the stress out of tax prep with our free checklist.