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Alex Esquire
Alex Esquire, Accountant
Category: Tax
Satisfied Customers: 12681
Experience:  I am an attorney who is experienced in tax law. I also hold a BA Magna Cum Laude in Accounting.
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I owe the iRS for 2012 tax liability from withdrawals from

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I owe the iRS for 2012 tax liability from withdrawals from an IRA to meet household bills, as I am also disabled. My concern, my daughter received , her her name,a check from her college which represents an overpayment from last year's academic school year. The check was only valid for period of time so it was deposited in a joint account in my and my spouses name. It was earmarked to meet this year's, 2013-2014, school bill (or part of it). Since I owe the IRS and my accountant secured an extension until end of Oct. is there a chance or does the IRS have the right to take that money that came in my daughter's name from the school but deposited in the parent joint account? My accountant is planning on negotiating a payback settlement with the IRS in Oct.on or behalf. If IRS can take the money sent to her but deposited in the parent's account would having the daughter open her own account and transferring the amount oft he check from the school to her in her name remedy this?
Submitted: 10 months ago.
Category: Tax
Expert:  Alex Esquire replied 10 months ago.
Hello. My name is XXXXX XXXXX X will be happy to answer your question.

I am sorry to hear about this unfortunate situation.

As long as, you negotiate a repayment settlement, the IRS would not garnish your joint account, however if you fail to negotiate a repayment settlement related to the tax liability, then IRS would be able to garnish your joint bank account and your daughter can open her own account to which any money belonging to her can be transferred.

I wish you the best of luck.
Alex Esquire, Accountant
Category: Tax
Satisfied Customers: 12681
Experience: I am an attorney who is experienced in tax law. I also hold a BA Magna Cum Laude in Accounting.
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