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What is a Tax Levy and Tax Lien?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:50 AM
OVERVIEW

The IRS has a set of legal options for collecting tax debt if you are unable to pay in a timely fashion. What is a tax levy? And what is a tax lien? Understanding the similarities and differences between these actions can help.

 

Key Takeaways

  • A tax lien is a tool the IRS uses to make a legal claim against property a taxpayer owns to secure payment of their tax debt.
  • If the IRS puts a tax lien in place, you generally can't remove it until you pay the taxes and the associated interest, penalties, and recording fees.
  • A tax levy is the next step in the collection process after a tax lien and occurs when the IRS seizes your property to pay the taxes you owe.
  • Before the IRS seizes your property, they must meet certain requirements under most circumstances, including sending you a "Notice and Demand for Payment" letter and a "Final Notice of Intent to Levy and Notice of Your Right to a Hearing" letter at least 30 days before the levy takes place.

Tax liens and levies

Tax liens and tax levies may come into play when you don't pay the taxes you owe. If you find yourself in this position, it's important to understand the actions the IRS can take. Here's what to know about tax liens, tax levies, and how they work.

What is a tax lien?

A tax lien is a tool the IRS uses to make a legal claim against property you own to secure payment of any tax debt you owe. This includes any property you acquire after the IRS puts the lien into effect.

A tax lien does not seize your property. Tax liens automatically occur within ten days of the IRS sending you the first notice of taxes owed, along with a demand for payment. The letter serves as your notification that the tax lien will go into effect.

Along with the lien, the IRS can also issue a Notice of Federal Tax Lien. This is a document filed in your local public records. It notifies creditors about the federal tax lien on your assets.

The IRS will notify you within five business days of the first filing of the Notice of Federal Tax Lien. You'll receive a notice of the lien filing and a letter that explains your right to a Collection Due Process (CDP) hearing. This is an optional meeting to discuss the lien and the amount you owe.

How can I avoid a tax lien?

The IRS will send you a bill demanding payment in full for any taxes owed if you file a tax return and don’t pay the taxes you owe in full. You can avoid tax liens by paying any taxes you owe in full. That may not always be possible based on your financial circumstances.

If you can't pay your tax bill in full, don't wait for a tax lien notice to arrive. Ideally, you should reach out to the IRS before notices are issued to see how you can work with them. The IRS offers several programs to taxpayers who can’t pay the taxes they owe.

Potential options may include:

  • applying for an installment agreement
  • applying for an offer in compromise
  • asking the IRS to delay collections

If the IRS puts a tax lien in place, you as the taxpayer generally can't remove it until you pay the taxes and the associated interest, penalties, and recording fees. A federal tax lien may also be withdrawn after the IRS is no longer legally allowed to collect the tax, which typically occurs ten years after the tax assessment.

The IRS may withdraw the Notice of Federal Tax Lien under certain circumstances, such as if you and the IRS create an installment agreement. However, the tax lien itself would remain in effect. The IRS would only withdraw the public notice.

TurboTax Tip:

The IRS will send you a bill demanding payment for any taxes owed if you don’t pay the taxes you owe in full. You can avoid tax liens and levies by paying any taxes you owe.

What is a tax levy?

A tax levy is the next step in the collection process after a tax lien and occurs when the IRS seizes your property to pay taxes owed. The IRS may levy a variety of assets:

  • money in your checking account
  • tax refunds
  • wages from your job
  • cars
  • houses
  • other property

The IRS will then convert these assets into cash and use that money to pay down the debt you owe.

The IRS cannot levy your property in the following situations:

  • you have a current or pending installment agreement or offer in compromise
  • the IRS determines you’re unable to pay due to economic hardship

How do I know a tax levy is coming?

A levy shouldn't be a surprise. Before the IRS seizes your property, they must meet certain requirements under most circumstances. The first is assessing the tax you owe and sending you a "Notice and Demand for Payment" letter.

If you don't pay the balance owed, the IRS sends a "Final Notice of Intent to Levy and Notice of Your Right to a Hearing" letter at least 30 days before the levy takes place. Other letters and notices may also be sent.

Not responding to the letters at all will result in the levy moving forward. You may be able to avoid or delay a levy by working with the IRS. The IRS may agree to settle your tax debt or set up a payment plan as alternatives.

In some instances, a levy may occur without the 30 day notice. If this happens, you’ll get a notice after the levy has been carried out. This could happen when:

  • waiting may jeopardize the collection of the tax
  • the levy collects tax from a state tax refund
  • the levy collects a federal contractor’s tax debt
  • a Disqualified Employment Tax Levy (DETL) is served for unpaid employment taxes

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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