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can the irs take my 401k for back taxes?
San Mateo, CA
Viewed 40 times.
Posted 24 days ago in Tax
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i owe back taxes approx. 40k before interist
Answers (2)Henry Daniel Lively
This attorney is licensed in California.
Posted 23 days ago.
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The short answer is yes.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this posting provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this posting cannot be used to eliminate penalties with the IRS or any other governmental agency. Darrin T. Mish
This attorney is licensed in Colorado and 1 other state.
Posted 23 days ago.
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Yes they can assuming that they have filed a Notice of Federal Tax Lien and they have sent a Final Notice of Intent to Levy to your last known address. Typically, in such a situation, they will only demand something like half of the retirement account (assuming you are not of retirement age) because such a seizure will create additional taxes and early withdrawal penalties.
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