Hillsborough Retirement Accounts and IRS Debt
Florida gives your retirement accounts unlimited protection. Here is what that means when you owe the IRS.
Florida Statute section 222.21 provides unlimited protection for qualified retirement plans, IRAs, and similar accounts. The IRS technically can levy retirement accounts but rarely does because of the legal complexity and public relations consequences.
More importantly, retirement assets can be excluded or reduced in OIC and installment agreement calculations. For Tampa retirees or pre-retirees with significant 401(k) or IRA balances, this protection materially changes the resolution math.
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