Seizure of IRA account

dineygirl1942 · #1 Oct 29, 2007, 11:24 AM

If I have a judgment against me I know my bank account can be seized. If I deposit my paycheck into my IRA, can it also be seized?

ebaines · Oct 29, 2007, 11:45 AM

It depends on your state law. Some states protect IRAs from judgments; others protect only a "reasonable" amount. I assume here that you are asking about a traditional or Roth IRA.

Be careful depositing your paycheck into your IRA - you are limited to how much you can contribute to an IRA each year, and of course it is then out of reach until you reach age 59-1/2 (unless you pay additional penalties).



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!