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Can a levy follow a joint account holder not married and not named on the levy?
Wiki User
∙ 15y ago
Yes. If you hold a joint bank account with someone that has a tax levy then your account is subject to levy. The best thing to do is to keep separate accounts until the issue has been resolved. Now, for the IRS to be able to file a Tax levy they need to satisfy the following requirements:
* Assess an amount due.
* Notify the tax payer of the amount due via a certified letter (usually a number of letters).
If a tax payer neglects or refuses to the pay the tax liability, the IRS will send out a Final Notice of Intent to Levy (Form L1058) at least 30 days before the actual levy takes place.
A bank levy freezes the funds available at the time up to the total amount of the liability for 21 days. The bank is then required to "freeze" the funds for 21 days and then to forward the monies to the IRS.
Although the IRS can place several bank levies, this type of levy freezes the funds that are on the account at that time, any subsequent deposits are not levied unless a second levy notice is filed.
A wage levy, however, is a continuous levy until the taxpayer reaches an agreement with the IRS to resolve the tax liability.
As always, when a tax liability reaches this point it is important to consult with a competent tax professional about the different options. Hope this helps. Effectur Inc.
Wiki User
∙ 15y ago
If a levy is placed on a joint account, it can affect all account holders, regardless of marital status or whether they are named on the levy. The funds in the account can be frozen or seized to satisfy the debt. However, the specific rules regarding joint accounts and levies can vary depending on jurisdiction, so it's best to consult with a legal professional for advice tailored to your situation.
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What is a Primary Account Holder?
Primary account holder is the person on whose name the bank account is created in the first place. Ex: Assuming you have a bank account and then once you get married you would include your spouse as a joint account holder. you will be the primary account holder and your spouse would be the secondary holder.
Can you start a joint checking account without being married?
Yes, you can open an account with anyone you choose to. Just be careful though! Who ever is the primary on the account (the person listed first on all of the paperwork) will be held responsible if the other joint holder overdrafts the account, and this primary account holder can also be put onto chexsystems do to the joint owner's actions.
Can a joint checking account be frozen if the account holders are not married?
yes it can..the banks does not care if it is a joint account or not and they do not care if you are married
Can you loan with speedy cash if you have a joint account?
Possibly, but you should consult your joint account holder before doing this.
What happen if the seconary bank holder dies?
It seems like you are asking what happens when one joint account holder dies. I believe that most joint bank accounts are set up so that the surviving account holder would have legal possession of the full balance, the same as he did before the death of the other joint account holder.
Can a joint bank account be levied by a judgment creditor when only one account holder is the debtor?
Yes. Usually when a joint account is garnished by a judgment order and only one person on the account is the debtor, the court will 'freeze' the account and the non debtor account holder will need to submit proof of the amount of funds in the account that belongs to them. An exception could be,if the account is held by a married couple as Tenancy By The Entirety and only one spouse is the debtor.
How do you get any credit card benefits if one of credit card holder has died?
If you are a joint account holder you can still use the card. The creditor should be notified of the death of the other account holder. They may simply remove the person from the account or require you to open a new account in your name. However, if you are the joint holder you are responsible for the entire amount owed on the account.
Couples should have a joint bank account before they get married.?
Couples should have a joint bank account before they get married.
Can you get out of a joint checking account?
Yes. If you want to get out of a joint account, you can contact the bank and submit a written request to be removed as a joint holder of that account. The other parties involved in the joint account have to approve your removal from the account, only then the bank will complete the formalities.
Can you deposit your cheque in to your parents account?
It depends: a. Yes - If you are joint holder of the account along with your parents then you can deposit it into that account b. No - If you are not a joint holder of the account along with your parents, then you cannot deposit it into that account. A check can be deposited only into an account that is held by the person on whose name the check is issued.
Is it possible for a joint account holder to take all the money from the other joint account holder?
yes both have equal rights to the money so one could easliy take out all the funds
If the credit card company sues a person that's dead is the family responsible for the debt?
If the account was not joint, and the person was either not married or was married and did not live in a community property state, the debt becomes part of the estate and is subject to state probate procedures. Joint account debt becomes the responsibility of the surviving account holder. Debt incurred by a married couple that lived in a community property state, regardless of a joint or single account, becomes the responsibility of the surviving spouse.
