Pension Loss

[Unregistered]

Taxpayer rolled over his pension plan to another pension plan that went belly up. He loss
$80,000 , what is the best way to handle his tax situation. Thanks

[Matt Sova]

Nothing

Probably nothing. If he had no basis in the plan then his loss is not deductible.

[Brian EA]

Taxpayer rolled over his pension plan to another pension plan that went belly up. He loss
$80,000 , what is the best way to handle his tax situation. Thanks

OH BOY!!! Too bad