Please define "Interest in Retirement Accounts" in regards to insolvency due to Cancellation of Debt

Asked almost 2 years ago - Dallas, TX

I need clarification on an Insolvency Worksheet. Interest in retirement accounts? I have 40K total in State Teachers Retirement , it earned 5% in 2012, the year I received the 1099c. I've seen conflicting answers on these sites and my CPA is not even sure. Bottom line..is my asset 40K or 2K? Thanks in advance

Attorney answers (1)

  1. Paula Brown Sinclair

    Contributor Level 20

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    Lawyer agrees

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    Answered . Why this question would buffalo a CPA is certainly a mystery. On the basis of your statements, if the retirement account is all yours, your interest is the value of the asset, $40K. $2K is the annual income.

    This answer is offered as a public service for general information only and may not be relied upon as legal advice.

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