Welcome Guest. Register Now!  

For 2014 Tax Tips For Year 2014.

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-17-2015, 06:17 PM
Junior Member
Join Date: Jan 2015
Posts: 1
Forfeited 401k matching funds deductible?

I switched jobs in the middle of 2013. When I left the old job, I (knowingly) forfeited a couple of thousand bucks in employer matching funds in that old job's 401k because those funds weren't vested when I resigned. After the new year started, the Plan managers sent me a detailed report identifying to the penny how much I forfeited. The old employer had contributed that money to the Plan, for my benefit, but because I wasn't vested when I left, it got forfeited to the Plan after 31 Dec of that year.
It seems like I should be able to claim this amount as a loss somewhere on my personal tax return for that year. If so, how/where? I suppose the natural follow-on question is that to be able to deduct that 2K as a loss I would also have to claim it as income (or equivalent) in the same return. True? How/where?
Seems like this affects millions of people every year but I'm not seeing it well-addressed when I google it...

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Can i use 401k funds to pay tax penalty on late rollover? sheri IRA/Sep 0 02-26-2011 02:58 PM
Will gifts paid by elderly parent to be forfeited to pay for his nursing home bills? TaxGuru Retirement Planning 0 01-25-2009 11:20 PM
401k/Non-deductible IRA Question, please jfforland IRA/Sep 0 01-21-2009 12:01 PM
Business Deposited Forfeited scualums Sole-Proprietorship 1 02-18-2008 07:29 PM
Is interest from credit card's deductible if funds used are for home improvement? Edmund Itemized Deductions 1 04-06-2007 12:31 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning