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Question

I have a deferred compensation plan with my employer. I have a back tax liability with the IRS, can I withdraw money from the deferred comp plan to pay the IRS?

Submitted: 129 days and 16 hours ago.
Category: Estate Law
Value: $15
Status: CLOSED
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Optional Information

State/Country relating to question: Ohio

Posted by INFOLAWYER 129 days and 16 hours ago.

Answer

If the money in this plan has vested, you can withdraw it. You need to check the terms of the plan with the employer for ability to withdraw and whether you are vested.

129 days and 16 hours ago.

Reply

Does this meet a severe financial hardship?

Accepted Answer

Yes, where you are subject to a tax lien enforcement and have no other way to pay it, and cannot pay this financial debt otherwise.

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Expert: INFOLAWYER
Pos. Feedback: 96.2 %
Accepts: 1750
Answered: 11/12/2009

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