Applicability of Tax Levies Under 26 U.S.C. § 6334 to Thrift Savings Plan Accounts

APPLICABILITY OF TAX LEVIES UNDER

26 U.S.C. § 6334

TO THRIFT SAVINGS PLAN ACCOUNTS Thrift Savings Plan accounts are subject to federal tax levies under sections 6331 and 6334 of the Internal Revenue Code. May 3, 2010 MEMORANDUM OPINION FOR THE CHIEF COUNSEL INTERNAL REVENUE SERVICE Your office has asked whether Thrift Savings Plan (“TSP”) accounts, which permit tax- deferred retirement savings for certain federal employees, are subject to federal tax levies under sections 6331 and 6334 of the Internal Revenue Code, notwithstanding a statute that, standing alone, would protect such accounts from…