Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

Can the IRS levy my IRA account

Customer Question
?...
Can the IRS levy my IRA account ?
Submitted: 9 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 6 minutes by:
11/3/2008
Tax Professional: Bill, Enrolled Agent replied 9 years ago
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified

Yes, the IRS can levy your IRA. If you are under age 59 1/2 and your IRA is levied then the 10% penalty will be waived.

 

http://www.irs.gov/businesses/small/article/0,,id=108341,00.html

 

See page 66 - http://www.irs.gov/pub/irs-pdf/p590.pdf

 

Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified
Bill and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Bill Your Own Question
Bill
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
3,153 Satisfied Customers
Experience: EA, CEBS - 35 years experience providing financial advice

Bill is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Does the IRS publish the amount of time a CPA (etc.) will
Does the IRS publish the amount of time a CPA (etc.) will likely take to fill out Form 706? And how about IL Form 700?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
My husband and I are currently in a mess with both IRS and
My husband and I are currently in a mess with both IRS and the State of Maine. For more than 20 years, we have been paying the IRS with payroll deducted payments Then the company went bankrupt. It see… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I just found an unopened communication from the irs that
I just found an unopened communication from the irs that suggests that i owe over $10k in taxes for 2015. it was mailed to me on the 15th of May 2017 and it says that i needed to respond by the June 1… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
Does the IRS ever do an audit that results in refunding
Does the IRS ever do an audit that results in refunding money back to the taxpayer AND then taking back any social security credits that might have been earned in error? It's a long story, but I'm sel… read more
socrateaser
socrateaser
1,031 satisfied customers
This is an IRS tax questions... I have a customer I'm
This is an IRS tax questions... I have a customer I'm working with on an IRS tax debt. The debt only exist because the W2 updates were not filed in a timely manner for a medicare correction to the 941… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
Does the IRS ever do an audit that results in refunding
Does the IRS ever do an audit that results in refunding money back to the taxpayer AND then taking back any social security credits that might have been earned in error? It's a long story, but I'm sel… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
I am registered as a real estate professional with the IRS.
I am registered as a real estate professional with the IRS. I am a "Broker, Architect and Real Estate Developer. Full time. I have losses carried forward on my California taxes for many years on my Re… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm in the second year of an IRS collateral agreement
Hi - I'm in the second year of an IRS collateral agreement requiring I pay roughly 20% of AGI + "All nontaxable income and profits or gains from any source whatsoever (including the fair market value … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I received a letter from the IRS requesting documentation on
I received a letter from the IRS requesting documentation on employee business expenses after reviewing my return and publications they provided I realized I am not able to claim this deduction. Im no… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I had a call saying it was the irs and said there was an
I had a call saying it was the irs and said there was an arrest on me and my property was being monitored ihave not recieved any letter in he mail is this a scam i have no idea why the irs would be ca… read more
abci168
abci168
Principal
27 satisfied customers
Want to see on irs website the correct way to report
want to see on irs website the correct way to report personal items i sold that show on my 1099k … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
Does the IRS have offices in DC that take walk-in or
Does the IRS have offices in DC that take walk-in or appointments, not to assist with completing 1099 forms / filing ones taxes. Rather to ask question about optimal use of its W-4 calculator to deter… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
What is the purpose of irs form 2297. by signing this form,
what is the purpose of irs form 2297. by signing this form , am i giving up my right to my past refund? … read more
abci168
abci168
Principal
27 satisfied customers
I have a payment agreement with IRS on Employment tax and
I have a payment agreement with IRS on Employment tax and today a payment was presented and the funds were unavailable today but would be tomorrow. Do I make a electronic payment for that payment or w… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,310 satisfied customers
THE PHONE NUMBER IN D.C. FOR THE IRS, I HAVE A IRS AGENT
I HAVE A IRS AGENT SAYING I OWE 2700.OO DOLLARS AND I NEED TO HAVE THE MONEY IN MY ACC.BY TOMMOROW .I DO NOT KNOW IF THIS IS REAL OR FAKE … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
IRS Notice for 2005/2006 tax - New client brings me an IRS
IRS Notice for 2005/2006 tax -New client brings me an IRS notice - "Intent to terminate your installment agreement". One for the 2006 year and one for 2005. I am assuming the time to dispute or amend/… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I have an IRS question. I have a 1040 tax due to the IRS for
I have an IRS question. I have a 1040 tax due to the IRS for the yr 2016. I filed a request for an extension--w/o making a payment. The tax return filed on time. The IRS informed me on 5/23/17 that th… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My client is under investigation with IRS and IRS asked him
my client is under investigation with IRS and IRS asked him about some deposit money in his bank for which he didnt pay taxes for. As per the client that money was gifted to him cash from overseas. Al… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x