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Article Date:
February 2008

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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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