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My husband and I have run into tough times over the last 10…

Customer Question
My husband and I have...
My husband and I have run into tough times over the last 10 years. We had to depend on credit cards a lot over that period of time. We are now in the process of this credit card debt. My question is with the Insolvency Worksheet - we live in the State of Ohio. I have a pension through OPERS and also a CCAO 457(b) Deferred Comp account. I am still working and contributing to OPERS as well as the 457(b). I have been told different answers as to having to list these as assets. The 457(b) I know that I can no access until I either separate from employment or attain the age of 70 1/2?
Submitted: 9 months ago.Category: Tax
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Customer reply replied 9 months ago
We are now in the process of settling this debt.
Answered in 18 minutes by:
9/19/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 9 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,498
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello, my name is***** to Just answer! I will be able to assist you today.

You do want to list all your assets and accurately list the retirement accounts as such.

For example if you are completing the work sheet for the IRS line 28 states the following

"Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts)"

https://www.irs.gov/pub/irs-pdf/p4681.pdf

In General, when listing assets you start with your bank accounts, brokerage statements, investments etc. Print out each statement and highlight the value on the date in question. For checking accounts, they usually keep a running total. For brokerages, they may only give you a monthly balance. If you can, go online and get the actual balance on our date. Print the screen with this balance and keep it with the statement for that account. If you can't get an exact amount, use the balance closest to our date. Make sure to do this for your retirement plan at work (401K, 403B, TSP, etc.), as well as any Individual Retirement Accounts.

This is updated due to recent litigation (Jan 2017): If you are receiving a pension such as state or federal retirement, union retirement, or private pension or annuity, you must figure out the value of your payments as a lump sum based on your life expectancy, IF you are able, based on the requirements of the plan and/or state law, to withdraw or borrow against the full value of the plan.

Below is a reference link for your convenience.

http://supertaxgenius.blogspot.com/2012/10/cancelled-debt-and-insolvency.html

If you have any further questions please let me know!

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

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