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Have you liquidated all the gangs that terrorized whole regions?
And just last year you liquidated a sixty-eight-thousand-dollar retirement fund.
And if you get a 20% inflation rate, how much debt have you liquidated?
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"You liquidate".
Consider other options before you liquidate your 401(k).
(You come pretty close to doing that anyway, when you liquidate a position).
All you can do–and this is only if you liquidate all the 529s you own for a child is claim your loss as a miscellaneous itemized deduction.
Any excess is called a "surplus," and when you liquidate a retirement plan you pay the 50% penalty tax on the surplus.
A Roth IRA disaster is deductible only if you liquidate all your Roth accounts for less than you put into them, and even then all you get is an often-worthless "miscellaneous itemized deduction".
But there's a cost for this convenience: If you liquidate only part of your holdings and rely on a fund company's year-end basis report, you're likely to pay more tax than you need to pay.
If you liquidate all the 529 accounts you own, you can deduct any losses that exceed 2% of your adjusted gross income on Schedule A of Form 1040, as a miscellaneous itemized deduction.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com