unicornfarie1, so ur sayin that when i get my w2's at the end of the yr i will have to owe to the irs??? bc of my wage garn?
2006-11-16 13:24:08 · 2 answers · asked by kate c 1 in Business & Finance ➔ Taxes ➔ United States
You are having some wages garnished because of a debt you owe. It could be child support or back taxes. The garnishments are being used to pay that specific debt. Whether or not that specific debt is paid off by the end of the year depends on how much you owe, the interest rate, and how much they take from your wages. As far as your 2006 tax liability that you will figure out in early 2007 on your 1040, the garnishment has absolutely no affect one way or the other. It doesn't lower your 2006 taxable income, it doesn't lower your 2006 taxes, and it doesn't increase the amount of tax withholding you get credit for on box 2 of your W-2.
In short, the garnishment only goes against your existing debt and has no consequence at all on your 2006 tax liability. Whether you owe or get a refund on your 2006 taxes is based on tons of information you didn't not provide. You must do a tax return to determine if you owe or get a refund for your 2006 taxes.
2006-11-16 14:35:56 · answer #1 · answered by TaxMan 5 · 0⤊ 1⤋
http://answers.yahoo.com/question/index;_ylt=AilQkM3bhVS9tccf7kQZqwLsy6IX?qid=20061116181312AAR22kG
2006-11-16 21:25:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋