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Hi,
I have a question for my dad.
He sold his house on a short sale a few years ago when the market was crazy due to his wife divorcing him. Long story short but he took a loss and he owes the IRS a lot of money. He went through an attorney that works with IRS debt etc and was able to work out a payment plan with them and get the amount reduced. He pays the IRS $500 a month for the next 3 years and also set up a deal with the state.
Any way, he is wanting to retire eventually and is worried that the IRS would try to take anything he contributes to his IRA or 401K.
Any one have any knowledge on this? I would assume that as long as he continues to pay the IRS on time per their agreement that they wouldn't go after his retirement accounts, right? He is so worried about this he doesn't own anything. He uses my sisters car and has no possessions. It's crazy. Can the IRS take his savings or retirement savings?
Thanks!
I have a question for my dad.
He sold his house on a short sale a few years ago when the market was crazy due to his wife divorcing him. Long story short but he took a loss and he owes the IRS a lot of money. He went through an attorney that works with IRS debt etc and was able to work out a payment plan with them and get the amount reduced. He pays the IRS $500 a month for the next 3 years and also set up a deal with the state.
Any way, he is wanting to retire eventually and is worried that the IRS would try to take anything he contributes to his IRA or 401K.
Any one have any knowledge on this? I would assume that as long as he continues to pay the IRS on time per their agreement that they wouldn't go after his retirement accounts, right? He is so worried about this he doesn't own anything. He uses my sisters car and has no possessions. It's crazy. Can the IRS take his savings or retirement savings?
Thanks!
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