Have a Tax Question? Ask a Tax Expert
The IRS is probably the single most powerful collection agency in the country. There are very few assets which are not available to levy by the IRS, including your pension income, IRA or other tax deferred retirement accounts, Social Security benefits, and the list goes on and on.
The best thing you can do if you owe a past due tax bill is to try and reach an agreeable payment plan with the IRS to pay off the debt. If you reach such an agreement then generally as long as you stay current on the payments of the plan, the IRS will refrain from levying your other income or assets. But if you default on the payments or do not set up some type of arrangements to pay off the taxes owed, they can put a levy on your pension income.
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Thank you jackie