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Will the IRS levy my daughter's bank account for my back taxes if my name is on the account?
Wiki User
∙ 11y ago
Joint accounts which are not held as TBE (a manner only available to married couples in certain states) are subject to levy by the IRS and other creditors.
The non debtor account holder must provide the court and levying agency proof of the percentage of funds belonging to them. In most instances the bank account will be "frozen" until the court rules on the motion.
Wiki User
∙ 11y ago
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Can the State of Minnesota or the IRS take money from a bank account that is not a joint account to pay for a spouse's back taxes if the one who has the account does not owe taxes?
Minnesota is not a community property state, so the answer is generally no. However, if the funds are in the account as a result of a fraudulent conveyance to evade payment of taxes, action could be taken to recover them. Errors do happen, of course. As long as you are married to someone who does not pay their taxes, you do have to worry.
How is the IRS associated with the banks?
The IRS is not legally linked with the banking industry. The IRS uses banking information that is given them when you have interest earned on a bank account. The banks report the interest via a 1099 INT. The only time the IRS will use that information is when you have been negligent in paying your taxes. Part of the due collection process of the IRS is to issue bank levies against your account and collect all the money in your account for that one instant in time when the levy is issued. To avoid a bank levy when you owe back taxes you must be in a resolution with the IRS for the taxes you owe.
If you filed your taxes last year and got a RAL loan and it was a mistake on your taxes and the bank issued you a overnight check do you owe the bank our do you owe the IRS?
you going to pay back taxes to the IRS
Will the IRS levy my mother's bank account for my taxes if my name is on the account for inheretence purposes?
It sounds like your mother has an account with an "in trust for" phrase on the name of the account. She intends for you to inherit the money without that money having to go through the probate court. At least that is how it works in this particular state. Normally, the IRS does not touch that type of account. However, if you owe back taxes and the account contains any money when she dies, they will take it before you get it.
You had a checking account that your ex-wife changed the address and closed down She was not on the account and now has the money from this account How do you legally get it back?
If she was not on the account the bank should not have done any of this in the first place. You should check with your bank and as well as speak with a lawyer to see where you go from here. See the Bank Manager about them getting the money back from her and sue the bank! She had no right to change anything about the account if her name was not on it.
How many years of back taxes before the IRS levys bank account?
7 years
How do you contact IRS about PM not deducted from your bank account for back taxes?
I made arrangement to have $100.00 deducted each month for 2005 back taxes. IRS did not take a payment out of my checking account who do you contact about this
What are Delaware state bank levy laws?
The State of Delaware prohibits bank garnishments with the exception of a tax levy. Just to be clear, the only way that your bank account can be garnished in Delaware is if you owe back taxes. To clarify about the Delaware bank account: It is not enough just to open the account in Delaware. You have to have a Delaware address on the bank account. The exception is to this is to open an account at a bank that only has branches in Delaware. Then, as I understand it, you can have any address you want on the account.
Can the State of Minnesota or the IRS take money from a bank account that is not a joint account to pay for a spouse's back taxes if the one who has the account does not owe taxes?
Minnesota is not a community property state, so the answer is generally no. However, if the funds are in the account as a result of a fraudulent conveyance to evade payment of taxes, action could be taken to recover them. Errors do happen, of course. As long as you are married to someone who does not pay their taxes, you do have to worry.
Can you apply to freeze your daughters bank account?
Sometimes, for example if you hold the main account then probably. But if the account is hers, and only hers (no cosigner) then probably not.
Can a bank take your money from your account for a debt you owe if your daughters name is also on the account?
No they can't that is robbery you need to stop them from taking you right away
How is the IRS associated with the banks?
The IRS is not legally linked with the banking industry. The IRS uses banking information that is given them when you have interest earned on a bank account. The banks report the interest via a 1099 INT. The only time the IRS will use that information is when you have been negligent in paying your taxes. Part of the due collection process of the IRS is to issue bank levies against your account and collect all the money in your account for that one instant in time when the levy is issued. To avoid a bank levy when you owe back taxes you must be in a resolution with the IRS for the taxes you owe.
Who has to PAy taxes UPON Death bank account?
The tax implications will vary based upon the type of bank account. If it is a payable on death account, it will be inherited free and clear of any income tax or consequences.
Why get a Swiss bank account?
So the federal government can't freeze your accounts. No taxes either
Can you direct deposit tax refund into someone elses account?
I just found out the hard way that you can no longer have your tax return deposited into someone else's account. I filed my taxes and both my daughter's taxes at the same time. Both of theirs were deposited into my youngest daughter's account, mine was supposed to be deposited into that same account but was sent back to the IRS to be mailed as a paper check. I called the bank and spoke to a representative there. She said the IRS will no longer let people direct deposit into someone else's account. I'm guessing because my daughters names are similar is the reason they both made it through, but I have a different last name. Anyway, FYI . . . . .
If you filed your taxes last year and got a RAL loan and it was a mistake on your taxes and the bank issued you a overnight check do you owe the bank our do you owe the IRS?
you going to pay back taxes to the IRS
Will the IRS levy my mother's bank account for my taxes if my name is on the account for inheretence purposes?
It sounds like your mother has an account with an "in trust for" phrase on the name of the account. She intends for you to inherit the money without that money having to go through the probate court. At least that is how it works in this particular state. Normally, the IRS does not touch that type of account. However, if you owe back taxes and the account contains any money when she dies, they will take it before you get it.
