How to Stop an IRS Levy From Taking Your Social Security Check
Discovering that the IRS is going to garnish or take money from your Social Security check can be incredibly stressful. If you rely on those funds to maintain your lifestyle, pay your bills, or fund your retirement in the Denver metro area, you need to act fast. Fortunately, you have rights, and there are concrete steps you can take to stop an IRS levy before it ruins your peace of mind.
Understand Your Rights with an IRS Levy
When the IRS decides to take your money to cover unpaid taxes, it is called a levy. If this happens to your Social Security, the very first step is to find out exactly why they are taking it and how much you owe. The good news is that you have the right to request a collection due process hearing. This is a formal meeting where you can challenge the government's action or negotiate a separate payment plan.
Explore Financial Hardship and Payment Plans
You do not have to just sit back and let the government take your hard-earned benefits. There are several ways to negotiate and stop an IRS levy from draining your account. For example, you can ask for a payment arrangement that fits your current budget. You can also apply for "currently not collectible" status. This means if you can show that paying the tax bill would cause you extreme financial hardship, the IRS will temporarily pause all collection efforts.
Act Immediately Before Deadlines Pass
Whether you are dealing with a tax issue or protecting your bank accounts from private creditors, time is your biggest enemy. These government and court processes have strict deadlines. For example, if a private creditor tries to take money from your bank account, you must file a claim of exemption very quickly to prove that those funds came from Social Security. Waiting too long can mean you waive your rights entirely, making it much harder to recover.
Let an Expert Help You Protect Your Wealth
Navigating tax rules and protecting your retirement savings can feel like a steep climb up the Rockies, but you do not have to do it alone. If you want to secure your future and protect your family's assets, we are here to help. We encourage you to schedule a consultation with The McKenzie Law Firm, LLC. Give our team a call today at 720-821-7604. From our office in Centennial, Colorado, we proudly help families across the entire Denver metro area protect what matters most.
The McKenzie Law Firm, LLC practices law exclusively in Colorado. This post is for general informational purposes only and does not constitute legal advice. Please consult a qualified attorney regarding your specific situation.
