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    dineygirl1942's Avatar
    dineygirl1942 Posts: 4, Reputation: 2
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    #1

    Oct 29, 2007, 12:24 PM
    Seizure of IRA account
    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Oct 29, 2007, 12:44 PM
    You can't just deposit a paycheck into an IRA. Especially on a regular basis.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    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).
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