Music, hi and thanks for stopping by. I'm Larry Weinstein, and I'm both a CPA and the founder of solvedmytaxproblems.com in Houston, Texas. Today, I wanted to answer the question: why should I complete a Form 668-W if I receive an IRS wage levy, also known as an IRS wage garnishment? The simple reason for completing a Form 668-W when you receive an IRS wage levy or wage garnishment is that this is the form that tells your employer and the IRS how to withhold money from your paycheck for the wage levy or wage garnishment. In other words, it determines how much money you will be allowed to keep and how much the IRS will take from your paycheck. So why should you complete a Form 668-W? The reason is simple: it will fairly calculate the amount of money that you're entitled to keep and the amount of money that the IRS will take. If you don't complete the form, especially if you have other family members such as a spouse or dependent children, you may be entitled to keep a larger portion of your paycheck. However, if you fail to submit the form, it will be assumed that you are a single person, and you will only be allowed to keep the amount that a single person would be entitled to keep in their paycheck. The rest will go to the IRS. That's it for today's video where I answer the question: why should I complete an IRS Form 668-W if I am in receipt of an IRS wage levy or wage garnishment? Thanks for stopping by. If you have any questions, feel free to give us a call at the office or visit us on the web at solvemytaxproblems.com. Thanks, and we'll see you soon. Music.
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668 (Y) (c) Form: What You Should Know
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