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| *Loan,banking and credit>>>tax accounting |
If you owed $8,000.00 in back taxes could or would the IRS take the money from a 401k retirement account? |
If you owed $8,000.00 in back taxes could or would the IRS take the money from a 401k retirement account? If you don't contact them, they can levy and place liens on all your assets, so technically they could. The interest they apply continues to accrue until your debt is settled The IRS will take whatever funds are available, including a 401k. I think you should set up a payment plan with them and contact a CPA who specializes in taxes. Do you really want your retirement fund to be touched? You worked hard for it. The IRS just wants their money I would cooperate with them. You can certianly pay them with proceeds from your 401k, but you need to weigh the pros and cons. If you use your 401k money, you will have to pay taxes on it plus a 10% penalty. Consider what your interest and penalties are for the tax bill and see if it would somehow be better to make payments arrangements with the IRS. |
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