Deliquent Back Taxes
If a person has back taxes due, can the IRS take, seize, garnish any funds from an IRA, or employer retirement plan?
If a person has back taxes due, can the IRS take, seize, garnish any funds from an IRA, or employer retirement plan?
Permalink Submitted by Alan - IRA critic on Thu, 2015-11-19 21:54
Yes, a federal tax levy on an IRA or a qualfied plan is an IRS option. The amount levied would be taxable in addition to the back taxes due. The good news 🙂 is that there is no early withdrawal penalty.