If I or my husband owe money to IRS, can the put a hand on my personal savings and 401k?
I know IRS can take everything from somebody if they owe money for one or another reason.My spouse had problems before he got married for me, and he still have not taken care of them. I am worried that i can get in trouble because of him one day.Is that possible, and how can i prevent my savings and 401k?
Asked By: Poznai - 10/7/2007
Best Answer - Chosen by Asker
If the debt to the IRS was from before the two of you got married, then you have a good chance of protecting yourself from his debt. Hopefully your husband had already set up somesort of payment agreement with the IRS before you got married. If he hasn't do so already, he can make arrangements with the local IRS office... More
Answered By: Rukh - 10/7/2007
Additional Answers (5)
If you aren't in a community property state, assets in your name only wouldn't be taken to satisfy his IRS debts. If you file a joint tax return, you can file an injured spouse form, and only his share of any refund, not yours, will be taken for his debts.
Answered By: Judy - 10/7/2007
In addition to the excellent info from Judy, consider filing separately if you have not done so already. If you have always filed separately, then you should be o'k.
Answered By: Julie - 10/7/2007
When you married your husband you married his debt. If your husband can't pay his IRS debt, he can ask for an installment agreement, but if it is over $25K that he owes he will have to provide Form 433-FCollection Information Statement along with Form 9465 Installment Agreement Request. On form 433-F he must... More
Answered By: Ms. Angel.. - 10/7/2007
IRS can levy on your husbands assets and the community property assets you have as a couple. Your separate assets are not subject to the IRS lien. Make sure you do not commingle your separate assets with your community assets.
Answered By: wartz - 10/7/2007
yes they can garner his wages or freeze any bank account with his name on it.
Answered By: e c - 10/11/2007
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