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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » when claiming insolvency are 401 k accounts exempt as assets?

when claiming insolvency are 401 k accounts exempt as assets?

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3 Responses to "when claiming insolvency are 401 k accounts exempt as assets?"

  1. bostonianinmo says:
    Retirement accounts are normally not part of the bankruptcy estate and are not taken to satisfy the debts.
  2. wartz says:
    For the purposes of determining insolvency to exempt cancellation of debt income, all assets are included. For bankruptcy, a 401(k) is exempt.
  3. v b says:
    The IRS isn’t making you sell your assets to use form 982, so EVERYTHING is included. The IRS has clearly said that even if an asset is exempt under the bankruptcy laws of your state, it’s STILL included when determining if you are insolvent. (Or figuring out the asset reduction limit.)

    You don’t even get to reduce the amount by the future tax liability. (And don’t even thing about leaving it off–your W-2s in the system will show that you’ve been putting money into one.)

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