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... and potentially because I could use any losses in the 401K against Income when I withdraw...

I'm pretty sure this won't apply to you. You would need to make AFTER tax contributions to a 401k to create a basis in the account. If the account then closed for less than this basis, you MIGHT have a deduction similar to that for an IRA in a similar situation. Otherwise, there is no provision for deducting any losses in a 401k plan.

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