Permalink Submitted by mk foss on Mon, 2009-02-23 22:44
Yes, the IRS has the ability to levy retirement plans for past due taxes. There is no 10% penalty when the funds are taken by the IRS but the amount is taxable income. Criminal penalties have also been withdrawn from IRAs.
Permalink Submitted by mk foss on Mon, 2009-02-23 22:44
Yes, the IRS has the ability to levy retirement plans for past due taxes. There is no 10% penalty when the funds are taken by the IRS but the amount is taxable income. Criminal penalties have also been withdrawn from IRAs.