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Submitted By: someone
Answered: December 9, 2020 10:29 pm
Answered: December 9, 2020 10:29 pm
I was scammed out of $20,000 (I was told my grandson was in jail and his attorney needed money). Can I deduct this?
According to AARP, this is a common scam that has cost grandparents millions of dollars. Unfortunately, the tax rules don’t help in any way. The deduction for a theft loss—assuming such scam is a theft under state law—cannot be claimed in 2018 through 2025.
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Tax Glossary
Lump-sum distribution
Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.
