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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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Can the IRS take 100% of a persons salary? And are they allowed

Customer Question

Can the IRS take 100% of a person's salary? And are they allowed to freeze joint accounts even if only 1 of the persons on the account is in default on taxes?
Submitted: 2 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 years ago.
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

Yes, the IRS can levy and freeze joint accounts. Please note that the levy applies to funds that are in the bank account the day that the levy goes into effect. Your future deposits will not be affected unless the IRS issues another levy.

Regarding your salary, the IRS can take all of your paycheck except for a specific amount that is considered to be exempt from levy. The amount that the IRS will leave you after the garnishment is based upon the number of exemptions that you claimed at work on your W-4 and the frequency of your paycheck. This amount is generally the amount on your tax return for exemptions + standard deduction. The IRS will send a table to your employer with the garnishment that tells them how much to leave you.

You can refer to the following page and use the IRS Garnishment Calculator to determine what you could possible be left with.

http://www.ctctax.com/how-much-can-the-irs-garnish.php
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2562
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and other Tax Specialists are ready to help you
Expert:  Tax.appeal.168 replied 2 years ago.
You're already on a payment plan, so you may be able to claim hardship in order to avoid them from taking the majority of your paycheck.

There is also the OIC (Offer In Compromise).

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:

Ability to pay;
Income;
Expenses; and
Asset equity.

While your offer is being evaluated:

Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);

A Notice of Federal Tax Lien may be filed;

Other collection activities are suspended;

The legal assessment and collection period is extended;

Make all required payments associated with your offer;

You are not required to make payments on an existing installment agreement; and

Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

You can refer to the following IRS webpage for more information regarding the OIC.

http://www.irs.gov/individuals/article/0,,id=243822,00.html

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