where is the best place i can save money (at a bank) and not have the IRS know about it . i have a bank levy and wage garnish from them. i just want to save for my retirenent and not get riped off when i try to withdrawn it. and i dont want the IRS to know i have money in the bank
2007-10-11 09:16:49 · 4 answers · asked by itsphoenix06 1 in Business & Finance ➔ Taxes ➔ United States
switzerland
2007-10-11 09:19:26 · answer #1 · answered by Clouders 2 · 1⤊ 0⤋
Banks, by law are required to report the interest you recieve on savings accounts. There are many types of retirement plans that can be deposited to pre-tax. These are called tax shelters and the contributions to these plans are not taxed until you start recieving them. The idea is that you will be needing a smaller income during retirement and would therefore be subject to less tax. The only way to keep the IRS out of your cash is to put it in a foreign bank. This is not as easy as it is made out to be on TV and in movies. Another alternative is to stuff your mattress.
2007-10-11 09:29:23 · answer #2 · answered by fangtaiyang 7 · 0⤊ 0⤋
there is no US "bank" that isn't required to report to IRS and for sure no US "retirement" account.
If you want you can try tax free money market funds from the many mutual fund companies. since earnings will be tax free they wont report to IRS.
You may be able to look into credit unions to see if any of there rules are different than banks.
instead of the Levy's and garnishments why don't you set up a voluntary payment plan instead so you can improve your credit rating?
2007-10-11 10:14:12 · answer #3 · answered by goldenboyblue 3 · 0⤊ 0⤋
hi Patricia, touch me and that i will help you out. I regularly handle pre-foreclosure, yet i will help you detect and purchase economic enterprise owned components for loose because of the fact i gets a commission by using the economic enterprise's agent. Regards
2016-12-18 04:56:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋