Educational Tax Tip: Can the IRS Levy a Joint Bank Account?

Sharing a bank account with a spouse, family member, or roommate? Even if the tax debt is only yours, the IRS can potentially levy funds from a joint account to satisfy your liability. Federal rules generally allow the IRS to take your portion of the account, but the co-owner’s funds may be protected if they can prove their ownership. Acting quickly can help protect both your finances and your co-owner’s.

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