IRA Protected
Is an IRA held by a brokerage firm protected from seizure or levy by the IRS for unpaid taxes? I owe the IRS a substantial amount of tax, yet I have no assets other that an IRA account held by my broker. What are my options to satisfy the IRS? What is the process for doing so?
Asked on 11/19/01, 11:24 am
1 Answer from Attorneys
Lawrence Maun
Lawrence J. Maun, P.C.
Re: IRA Protected
An IRA is not protected from IRS liens or levy. You will have to negotiate with the IRS for either an installment plan to pay the taxes or make them an Offer In Compromise. Compromise may be difficult if you have assets readily available to pay the taxes. L. Maun 713.266.2560
Answered on 11/19/01, 11:39 am
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