Demetrius J. Karos, Ltd.
815-534-4402 800-465-6208

Can the IRS Grab my Retirement Assets?

If you have a balance due with the IRS, your retirement accounts can be seized. Usually a retirement asset is not the first asset to be garnished but the IRS has the authority to levy upon your retirement account.

The levy on the retirement account creates various issues. First the money will be used to offset any tax liabilities. Even if you believe you do not owe the tax, the IRS can grab the retirement funds.

The second problem is the additional tax created because the seizure is treated as a taxable event and will be required to be reported on the current year return. In other words, more tax to be paid.

If you have a tax problem, work it out with the IRS. Do a payment plan, offer in compromise or look at a bankruptcy option. Do not ignore the issue.

Click here to read a short article on the ability of the IRS to seize a retirement account.

No Comments

Leave a comment
Comment Information

Make an appointment at one of our conveniently located offices today.

Demetrius J. Karos, Ltd.

Frankfort Office:
1 Old Frankfort Way
Frankfort, IL 60423-1719

Fax: 815-806-9595
Map & Directions

Naperville Office:
5th Avenue Station
200 East 5th Avenue
Suite 125
Naperville, IL 60563

Map & Directions

1 Old Frankfort Way , Frankfort, IL 60423-1719
5th Avenue Station , 200 East 5th Ave. Suite 125 , Naperville, IL 60563

Contact us by phone.

Phone: 815-534-4402 Toll Free: 800-465-6208 Fax: 815-806-9595