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Re: [tips_and_tricks] Need help!

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  • gary
    There is no exclusion for SS payments, that was done away with several years ago. They will even directly levy SS payments. Gary ... From:
    Message 1 of 8 , Oct 5, 2005
      There is no exclusion for SS payments, that was done away with several years ago.  They will even directly levy SS payments.
       
      Gary
      ----- Original Message -----
      Sent: Wednesday, October 05, 2005 4:49 PM
      Subject: Re: [tips_and_tricks] Need help!


      Also, there is some form of exclusion of taking of SS moneys, even if they were yours.  Though I've heard of such grabs.

    • F.Brown
      Hi, If your social security number is on the account they will take all of it. They don t care where the money came from or originated. Close the joint account
      Message 2 of 8 , Oct 6, 2005
        Hi,
         
            If your social security number is on the account they will take all of it. They don't care where the money came from or originated. Close the joint account and open a new under your father, he can then make you his agent to sign his checks or manage the account. This is what I am doing for my dad. I checked with the bank manager who assured me that because I was not on the account and only an agent the account cannot be levied for my taxes. All banks are different check with the bank before you do this. I the mean time CLOSE THE JOINT ACCOUNT NOW.
         
            Also, by law the IRS can only levy 15% of your social security benefits. I know this for a fact, they have been taking 15% of my social security disability benefits for the past two months. The IRS will do anything to get your money. Heck! They even sent a notice of levy to a bank I never heard of with my name on it. anyways, I hope this helped you with your situation.
        ----- Original Message -----
        Sent: Wednesday, October 05, 2005 10:24 AM
        Subject: [tips_and_tricks] Need help!

        All,
            I have just received a letter from the I.R.S. claiming that I owe $5,389.26 for a "civil penalty" for the tax year 1990. I am not very vulnerable to levies or liens, however, I do maintain a joint bank account with my elderly father. The only funds deposited in this joint bank account are my father's monthly Social Security benefits. Is this joint bank account vulnerable to levy? How does the I.R.S. handle a joint bank account? Any information or suggestions would be greatly appreciated.
      • Tim
        I have had the IRS snatch a few bucks from my accounts. They will do it once (for that particular tax year they are trying to collect for) and seemingly not
        Message 3 of 8 , Oct 6, 2005
          I have had the IRS snatch a few bucks from my accounts. They will do it
          once (for that particular tax year they are trying to collect for) and
          seemingly not again unless for another year of levying process to take
          place.

          I would recommend forming an LLC (or having someone do it for you) with
          proper operating agreements setup and getting a business bank account.

          They may snatch it even if you have a personal account but they will
          give it back if in the name of a business and it is structured
          properly. You are merely a signer (manager of the LLC) on the account.
          Or you could hold the membership interest in trust and have the trustee
          open the bank account for the LLC.

          check out ww.pfshield.com

          Cheers,

          Tim

          F.Brown wrote:

          > Hi,
          >
          > If your social security number is on the account they will take
          > all of it. They don't care where the money came from or originated.
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