2006-12-15 03:14:20 · 12 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
If you are in "default", Yes.
2006-12-15 03:16:02 · answer #1 · answered by Wayne Z 7 · 2⤊ 0⤋
The IRS can offset your refund if you are in default of a student loan.
Here is what I found on the IRS website:
Refund Offset
If you owe past-due federal tax, state income tax, child support, spousal support, or certain federal nontax debts, such as student loans, all or part of the overpayment on line 73 may be used (offset) to pay the past-due amount. Offsets for federal taxes are made by the IRS. All other offsets are made by the Treasury Department's Financial Management Service (FMS). For federal tax offsets, you will receive a notice from the IRS. For all other offsets, you will receive a notice from FMS. To find out if you may have an offset or if you have any questions about it, contact the agency to which you owe the debt.
www.irs.gov
2006-12-16 03:54:44 · answer #2 · answered by D.M. C 2 · 1⤊ 0⤋
I somewhat have a pupil loan too. i'm enormously particular it truly is way more effective than your persons $one hundred forty,000, or $250,000 by the time it truly is paid off. they received't end searching for you, it doesn't remember if s/he quits or ever use the training. they'll take it out of earnings tax REFUNDS. i don't believe they take it out of your paycheck, yet they'll smash your credit so that you'll't purchase a house or vehicle on credit. you are able to't declare bankrupcy for a pupil loan. they'll have pcs call your pal once a week. after I first discovered all this, i replaced into scared to lack of existence, yet let me inform you something you would no longer comprehend- they'll provide you 30 years to pay it off- I initially idea it replaced into 10. Plus, there are as a lot as 5 years (60 months) of deferment- which ability you are able to delay the initiating of the fee once you've some type of monetary difficulty. even with the undeniable fact that, in case you initiate paying and keep paying, they decrease the pastime. in case your pal can, end college, and seek for suggestion from from the pupil loan human beings- there's a preserving: once you owe the monetary employer $5,000, you've a difficulty- once you owe the monetary employer $50,000, the monetary employer has a difficulty. good luck.
2016-11-26 21:04:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you have gone in default you will likely never get a refund again until the loan is paid off completely. A lien is placed against your name and Social security number. If you catch up on the loan payments you could ask the lender to remove the lien but they rarely do that.
2006-12-15 03:27:24 · answer #4 · answered by ? 6 · 0⤊ 0⤋
No, I was behind on my student loan payments for months and I still filed my income taxes and got the full refund.
2006-12-15 03:22:14 · answer #5 · answered by sarabmw 5 · 0⤊ 0⤋
The government may use refunds from your income tax return to offset amounts owed on government student loans and other debts.
If you are married and filing jointly, you can avoid having your spouse's portion being kept by filing form 8379 (Injured Spouse Claim and Allocation) with your return.
2006-12-15 03:28:48 · answer #6 · answered by yamahaman 2 · 1⤊ 0⤋
It all depends on how behind you are, but yes they will if they have tryed to get the money other ways. And if they report it you will not be eligible for a rapid refund. You will have to wait 6-8 weeks for your refund. Call the place you have the loan through, they will work with you.
2006-12-15 03:28:37 · answer #7 · answered by prncfnfrvr 2 · 0⤊ 0⤋
According to the IRS website, your refund can be taken to offset student loan debt, as well as unpaid state or federal taxes or child support.
2006-12-15 03:22:40 · answer #8 · answered by macbeth00798 2 · 2⤊ 0⤋
I think you mean "income tax refund". The IRS will retain refunds for many reasons, including child support arrears, debts to the Government (including guaranteed student loans) and back taxes.
A taxpayer whose spouse has such debts may want to think carefully about his or her position before filing a joint return.
2006-12-15 03:22:53 · answer #9 · answered by Anonymous · 6⤊ 1⤋
It depends. How long ago did you graduate, and do you actually have the money to pay off the loans, because if you don't, usually you can talk to them. Send them like $2. They can't do anything as long as you send them little by little. I'm not sure if they can take your tax return check. I doubt it. That would be like stealing your money.
2006-12-15 03:23:22 · answer #10 · answered by Corinne 2 · 0⤊ 2⤋
whatever loans thah you took out the government will take out what you owe it might not be for a couple of years but they will take out trust me i know they did my mom like that twice they took her whole refund check
2006-12-15 05:57:51 · answer #11 · answered by Nat 3 · 0⤊ 0⤋