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Article Date:
February 2008


Word Count:
215

 

 

IRS Levies IRA for Back Taxes


Wayne Smith filed three tax returns without paying all the taxes that he owed to the IRS. The unpaid tax bill tallied more than $36,000 at the time of Mr. Smith’s trial.

 

The court ruled for the IRS and its more than $36,000 levy against Mr. Smith because Mr. Smith was spending his $800,000 plus IRA accumulation on his gambling addiction and not paying his taxes.1

 

Anti-alienation provisions prevent ordinary creditors from levying pension payments. The IRS does not suffer ... Log in to view full article.

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