California:
Okay... Here's my situation folks. I have an annuity that was created by my union (I'm no longer a member of) that has been growing since 1997. I am now self employed in a new career and need to withdraw the entire annuity (about $25,000) in order to buy desperately needed equipment.
My concern is that 15 years ago I discovered I had a child when Child Support Services informed me that I owe them $20,000 in back support. That's a long story in itself. I admit that I have not been perfect in making my payments, however I have done pretty well with the exception of the last 4 months.
Question #1) Child Support Services automatically report delinquency to the California Franchise Tax Board. I don't know if this has happened yet, but if so...
Can the California Franchise (or federal) Tax Board absorb my entire annuity when I try to withdraw?
Question #2) How can I check to see if I have a negative standing with the Tax Board?
For the past 5 years I have worked diligently to position myself properly for this moment. If I can withdraw this annuity I can not only continue to make my child support payments, but I can have my back support payed off within a year. Otherwise, I will be forced to return to my old line of work that offers no chance for advancement and I will continue to live in debt. In other words, it's do or die.
Thank you in advance for any insight/advice you can provide.
Okay... Here's my situation folks. I have an annuity that was created by my union (I'm no longer a member of) that has been growing since 1997. I am now self employed in a new career and need to withdraw the entire annuity (about $25,000) in order to buy desperately needed equipment.
My concern is that 15 years ago I discovered I had a child when Child Support Services informed me that I owe them $20,000 in back support. That's a long story in itself. I admit that I have not been perfect in making my payments, however I have done pretty well with the exception of the last 4 months.
Question #1) Child Support Services automatically report delinquency to the California Franchise Tax Board. I don't know if this has happened yet, but if so...
Can the California Franchise (or federal) Tax Board absorb my entire annuity when I try to withdraw?
Question #2) How can I check to see if I have a negative standing with the Tax Board?
For the past 5 years I have worked diligently to position myself properly for this moment. If I can withdraw this annuity I can not only continue to make my child support payments, but I can have my back support payed off within a year. Otherwise, I will be forced to return to my old line of work that offers no chance for advancement and I will continue to live in debt. In other words, it's do or die.
Thank you in advance for any insight/advice you can provide.