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FAQ #38974

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I am a student, and I owe the IRS money. If I open a checking and savings account, can the IRS touch the money in my accounts because I owe them money?

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The IRS has access to your accounts if you owe them. A levy is a legal seizure of your property to satisfy a tax debt. If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in.

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