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Asked 2/14/2010

Can the irs touch a 401k

I am 60yrs old ,owe irs 11k due to job failure,changes was making weekly,monthly payments now laid off from work. connot afford payments for now i have 20k in 401k can i take out this money without them touching it,and put it into something safe like a cd or is a ira better,i don't have much,don't want to lose it something that is low risk,plan to repay irs in time but want to retire in afew years with something.

 
 
 
 
 
Answers

Answer 1/7 - Submitted 2/14/2010

My college prof told me in my drafting class that the ONLY way 2 learn is 2 TRY by doing. c what worx & what won't. we learn by doing. i encourage u 2 just try

 
 

Answer 2/7 - Submitted 2/14/2010

 
 

Answer 4/7 - Submitted 2/14/2010

"Just try it and learn from the experience" is NOT a good way to deal with the IRS.

The IRS will generally not take a 401(k), but they can levy it if they choose to. They know you have it, and they will know about where ever you try to hide it. If you don't get square on this back tax debt, either through re-negotiation with the IRS, or by paying them off, your assets will remain at risk. See if they will revise your installment plan.

 
 

Answer 5/7 - Submitted 3/2/2010

Makes the most sense thanks.

 
 

Answer 6/7 - Submitted 7/16/2011

I owe childsupport and i want to open a 401(k) thru my employer will the goverment take it even thou that im paying child support now

 
 

Answer 7/7 - Submitted 7/16/2011

Im paying child support but i owe if i open a 401(k) will the irs take it

 
 
 
 
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