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New Member
posted Jun 1, 2019 12:57:22 AM

I HAD TO WITHDRAW FROM MY 401K IN 2016 TO PAY A 2014 TAX BILL. CAN I REPORT IT AS A TAX LEVY?

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1 Best answer
Alumni
Jun 1, 2019 12:57:23 AM

No, that is not a tax levy.
From IRS.GOV:
"A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt."
See the following for details:
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Levy

1 Replies
Alumni
Jun 1, 2019 12:57:23 AM

No, that is not a tax levy.
From IRS.GOV:
"A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt."
See the following for details:
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Levy