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View Full Version : Seizure of IRA account


dineygirl1942
Oct 29, 2007, 12:24 PM
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?:mad:

ScottGem
Oct 29, 2007, 12:44 PM
You can't just deposit a paycheck into an IRA. Especially on a regular basis.

ebaines
Oct 29, 2007, 12:45 PM
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).