What to do if I’m worried about the money that I have in my savings account being seized?

I’m a college student. I don’t have a job currently or never filed my taxes. What I am very worried about is my savings account being seized or garnished by the IRS or any other government force. Due to the fact that I have over 20k sitting in it with no proof of a job or any way to prove on how I have that income. I been saving my money since I was 12 and I finally reached an amount that I

was not comfortable with keeping in my home, so that’s why I put my money in the bank to keep it safe. However, now I am even more scared.

Asked on December 11, 2017 under Business Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Unless you fail to pay your taxes, or give someone grounds to sue you and win, getting a court judgment against you, or owe child suport or alimony, or got the money through criminal means (e.g. drug sales), your money cannot simply be "seized." There needs to be some legal reason--which means some wrongdoing you did--which lets a government agency (IRS) or the courts take your money. Simply not having "proof" of how you got the money by itself does *not* give anyone grounds to take it: rather, there must be proof of the wrondoing, etc. which would let the government or courts seize or take the money. So unless you are aware of some wrongdoing you have done, there is no reason to fear this.


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