Deferred Comp Bankruptcy

[Keithplanner]

Hi,
Employee of Sports Authority participated for a number of years in deferred compensation plan. FICA and Medicare was withheld from the deferred comp.

SA went bankrupt in 2016.  Deferred comp is a total loss.  Is there any type of tax deduction/writeoff on the personal federal tax return for the withholding and contributions?  If so, how?

Thank you.
Keith

[jpod]

This was not a 457(b) plan of a governmental entity requiring funding per IRC Section 457(g)?

[Keithplanner]

This was NOT a 457(b) plan.

[My 2 cents]

My guess is that Sports Authority, as a for-profit enterprise, was not a governmental entity.

Wouldn't the deprived participant only be able to take a tax loss to the extent that after-tax money was involved?

[QDROphile]

"Is there any type of tax deduction/writeoff on the personal federal tax return for the withholding and contributions?"

For conventional deferred compensation, no. 

[jpod]

Oh, you meant Sports Authority the sporting goods store?  My bad; thought you were talking about a governmental sports authority.

[Keithplanner]

Thank you all for your input!

[XTitan]

There is no statutory authority that permits recovery for FICA assessed on NQ deferrals later not paid.  I think there were a couple of court cases on this as well.