When will IRS reach into my bank account to satisfy a levy?

I got a letter a year ago for a levy but it never happened. I don't have any property that is not exempt and I live below the poverty line. the notice of lien or levy was for back taxes of about 550 dollars because I work as a paper carrier so, even though wages is low it is paid as self employment. I heard

I got a letter a year ago for a levy but it never happened. I don't have any property that is not exempt and I live below the poverty line. the notice of lien or levy was for back taxes of about 550 dollars because I work as a paper carrier so, even though wages is low it is paid as self employment. I heard they will just "reach in and take" at any time? Is there a threshold of available balance that is exempt? my high balance is rarely over 700, and i get a paycheck every week form 2 different jobs and i pay bills the day it posts. but i pay my rent with a personal check, so sometimes there is a balance of at least the rent money that sits there for up to 3 weeks waiting for the check to clear.
if it was W2 wages, i would owe no tax but have to pay it as self employment tax b.c the paper hires as 1099 carrier. i already know about quarterly estimated payments, i don't make enough to spare.

Other answer:

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The levy didn't work because they could not find who you were working for at the time. It would be a garnishment to the people that owe you money at the time as a 1099 contractor. The IRS can next levy your bank accounts with no other notices to you. I would keep the balances low in your accounts until you get something like a payment plan set up. Once set up, the IRS will not levy or garnish your income or hit your bank account while you are on a payment plan. Hope this helps.
Max Hoopla:
Before that happens you would get a notice entitled "Final Notice of Intent to Levy and Notice of Your Right to a Hearing." If that happens call IRS at the number on the notice and plead your poverty case and they will probably classify the account currently not collectible. If you have a refund on your 2016 tax return it will be offset to what you owe.
Cathi K:
There are always letters warning you before they take the money out. They can wipe out your entire account up to the amount you owe. If you become self employed you cannot afford to not do taxes properly.
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