can the irs take my 401k for back taxes?

i owe back taxes approx. 40k before interist
Answer this question Add to list

Answers (2)

Henry Daniel Lively

Henry Daniel Lively

Contributor Level 7
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.
0 0
Darrin T. Mish

Darrin T. Mish

Contributor Level 4
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.
0 0
Back to Search Results

Ask a Question

Get free answers from real lawyers.

Top Tax Contributors

1.
Henry Daniel Lively
Contributor Level 7
21 answers, 1 legal guides
2.
Steve Fromm
Contributor Level 7
16 answers, 0 legal guides
3.
No photo
Contributor Level 4
5 answers, 0 legal guides
View all Tax Lawyers on the Contribution Leaderboard