Retirement Plan Seizure
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Retirement Plan Seizure
Can the IRS levy or garnish the money in your 401(k) Retirement Account?
Well, that depends on your retirement plan’s rules and regulations regarding your accessibility to your retirement account and each taxpayer’s personal situation. Generally, according to Internal Revenue Manual (IRM) 188.8.131.52 and Internal Revenue Code (IRC) Section 6334, if you can access your 401(k), SEP IRA, Keogh or IRA retirement account so can the IRS, by issuing IRS Form 668(A) Notice of Levy to the administrator of your retirement account instructing the administrator of your retirement account to seize funds from your retirement account up to the amount of a tax debt owed and send to the IRS!
If your retirement account does not allow you to access the funds in your employer sponsored retirement account until you have first obtained a vested interest in the funds within your retirement account, or you have first separated service from your employer, or until you have retired, or until you have become disabled or have died prior to having retired, then the IRS cannot access your retirement account either. Marital status could also have an affect on how much, if any, of your retirement account the IRS can have access to.
Even if you have access to your retirement account, if you have to access your retirement account in order to pay for some or all of your necessities of life, either because you are retired or disabled or otherwise have lost your means of support, or to pay for ongoing medical care due to a chronic medical condition, such that your retirement account can be classified as an income source rather than as an asset, the IRS may not be able to levy your retirement account.
Is your 401(k) or SEP IRA or Keogh or IRA safe from IRS seizure? Coast One Tax Group is a group of resolution specialists – attorneys, accountants and Enrolled Agents. My colleagues and I work hard to obtain the best tax resolution (settlement) possible for our Clients! Call or text or email Coast One Tax Group now for a free consultation on how Coast One Tax Group can help you to protect your retirement nest egg from an IRS seizure!
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Owe $10,000 or more in Back Taxes?
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If you owe $10,000 or more in back taxes to the State or IRS, the team of tax experts at Coast One Tax Group is here to help.