An IRS levy on your wages or other income is limited by a defined exemption amount. Your exemption will be determined based on the standard deduction, your filing status, and the number of exemptions you claim. All income that exceeds the exemption amount will be taken by the IRS. Unlike…
The IRS can levy the funds in your retirement accounts, including 401(K) plans, IRAs, profit sharing plans, SEP-IRAs, and Keogh plans. Many taxpayers may be unaware that the IRS has this authority because retirement plans are often protected from creditors. However, the IRS has powers that exceed those of most…
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