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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Is 401k considered an asset in IRS calculation of Insolvency related to debt forgiveness?

Is 401k considered an asset in IRS calculation of Insolvency related to debt forgiveness?

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2 Responses to "Is 401k considered an asset in IRS calculation of Insolvency related to debt forgiveness?"

  1. wartz says:
    Yes. Other state or federal exemptions are not figured in to the insolvency calculation for elimination of debt forgiveness income.
  2. v b says:
    Even the discounted present value of a vested pension is included. When the IRS means assets, they mean everything down the shirt on your back. (Because you aren’t required to sell anything, nothing is excluded.)

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