Can My Pension Be Seized?

You've gotten a notice threatening to take away assets you have worked hard for all your life - your car, your home, and even pension. Indeed, IRS problems brings a lot of stress.

There are some assets that the IRS can't seize to pay your tax bill.

Furniture, food, fuel, and personal effects with a total of $2,500
Clothing and books for school
Undelivered mail
Tools and books that are job related up to $1,250
Certain annuity and pension benefits, such as Retired Serviceman's Family Protection and Survivor Benefit Plan, Special Pensions for Medal of Honor recipients, Railroad Unemployment Insurance Act, and Railroad Retirement Act
Certain service-oriented disability payments
Public assistance, job training, unemployment, and worker's compensation benefits
A minimum amount exempt from a levy on salary, wages, and other income
Deposit to the special Treasury Fund made by Public Health Service employees and members of the armed forces who are on permanent duty assigned outside the US

You will notice that on the above list, it states "certain annuity and pension benefits". They are not exempted from seizure totally. Your pension may be at risk if you need to pay a large amount to the IRS.

Normally, assets are seized in this order:

Bank and checking accounts
Airplanes, boats, automobiles, and other recreational vehicles
Life insurance with cash value
Accounts receivable
Stocks and bonds
Salary
Collectibles
Vacation and investment real estate
Pensions, IRAs, and Keoghs
Home

Pensions are not high priority.

The IRS only seizes enough assets to settle your tax bill, though you must know that interest and penalties are compounding on top of it. With no other assets available to settle your debt, your pension is at risk.

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