Accounting, Payroll & Pension Issues/Thrift savings account

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Expert: - 2/24/2009


Question
My friend has a retirment thrift savings acct through her job.She had investment losses on it can she take anything
off her taxes pertaining to this.

Answer
Unfortunately the answer is no.

The money that is contributed to the plan is deposited with no taxes withheld. If there were investment earnings, the earnings would not be taxed when they are added to the account. Taxes are paid when  money in the account is withdrawn.

Accounting, Payroll & Pension Issues

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Allen

Expertise

Pension questions ONLY. Pension, profit sharing, and 401(k) plan design, installation, administration and actuarial services; rollovers to Individual Retirement Accounts; taxation of retirement plan distributions

Experience

Over 35years experience in the pension field

Organizations
Various actuarial organizations

Education/Credentials
MBA and various professional certifications

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