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Can the IRS take my Social Security?

Yes, the IRS can take a portion of your Social Security retirement or disability payments to satisfy a tax debt. Of some relief might be that fact that the IRS generally limits what it takes to 15 percent.

As you struggle to pay a tax bill, you have probably watched as penalties and interest increase the total debt and put you even further behind. This lingering debt can easily follow you if you lose a job after suffering a work injury. It may even follow you into retirement.

Remedies exist that may resolve the situation. In this blog post, we will discuss currently not collectible status. In an upcoming post, we will cover the requirements for an offer in compromise (OIC).

Currently not collectible (CNC) status

This name aptly describes this relief – the IRS will stop its collection efforts for the time being. To qualify you have to provide evidence that you are not making enough to pay the tax debt and meet your basic needs.

Form 433-F is the technical way to apply for CNC relief. It can be cumbersome to complete, because you must list all your income sources, assets and expenses. National Standards will limit the amount of expenses you can claim unless you can prove there are special circumstances.

Increasing all the while

While under the protection of CNC, you will not have to worry about the IRS taking your Social Security. But the balance on what you owe will increase as this status does not stop interest and penalties from accruing.

Every couple of year the IRS will review your situation to determine whether your situation has changed. This means that any times your financial situation improves you need to contact the IRS to negotiate a payment plan or possibly an offer in compromise.

Because each situation is different, it is important to speak with a tax attorney before filing for CNC status. There may be a better option, such as an OIC which could be a more comprehensive solution. 

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