Question

 Can the IRS take money in a 401k for tax debt?

Answer Yes, the IRS can seize garnish funds from a 401k retirement account to cover an unpaid tax debt. However, the IRS must first send a Notice and Demand for Payment letter stating the exact amount ow... Read More »
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Top Q&A For: Can the IRS take money in a 401k for tax debt

When do I take money from my 401k account?

On One Hand: Mandatory DistributionsTaking money out of a qualified retirement plan, such as a 401(k), requires a few careful considerations before doing so. Generally, if taken out before age 59.5... Read More »
http://www.answerbag.com/q_view/1953885

Should you keep adding money to your 401k?

On One Hand: You should contribute to your 401kYou should continue to add money to your 401k. The tax advantages and tax-deferred growth offer a very attractive opportunity. In addition, any empl... Read More »
http://www.answerbag.com/q_view/1987726

Can you take 401k money to use for a down payment?

The Internal Revenue Service allows loans from 401k plans. If the loan is for a home down payment, the repayment period can be 10 years, rather than the usual five-year repayment period, according ... Read More »
http://www.answerbag.com/q_view/2229960

Should I borrow money from my 401k?

On One Hand: Don't Tap Your Nest EggYour 401k plan represents your retirement savings. If you take a loan, you hamper your ability to continue to contribute money to your 401k plan. If you fail to ... Read More »
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