I owe a lot of student loans (almost $200,000). Im not interested in paying off the loan or the balance.The best payment plan I could get was $2,000 a month. As a result the IRS withholds my tax refund every year which comes out to about $1,500 a year. In the past I claimed exemption because I was a grad student and made well under the maximum in actual income. Now im not qualified to claim exemption, and there is a $500 penalty that could be assessed if I do claim exemption. Could I claim exempt this year and just pay the $500 penalty if assessed at the end of 2007??? It seems cheaper then the $1,500 the goverment would just keep anyway and would allow me to keep $1000 extra this year as well as having the use of my money that was with held through out the year anyway? I only want to know about the TAX aspect of the issue. Yes i know all the things they can do in my state in regards to collection of the loan.
2007-01-19
08:56:46
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6 answers
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asked by
Psyc Guy
2
in
United States