Federal Retirement Thrift Savings Plan Funds Are Now Subject to IRS Levy

Posted on September 16, 2014

Do you have money in a Federal Retirement Thrift Savings Plan (TSP)? Under proposed rules, these funds may now be subject to IRS tax levies. The Federal Thrift Savings Plan is a tax-deferred retirement savings plan similar to a 401K that is available to federal civilian employees and members of the military. Most retirement assets are not protected against an IRS levy. And previously, the Thrift Savings Plan accounts were protected from IRS levies. However, that will soon no longer be the case. Do you owe money to the IRS? Do you have money in a Federal Thrift Savings Plan? That Call us, we can help.