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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.

Tax Pro or File Your Own?

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Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz

Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz