I did not pay taxes on my unemployment in 2003/2004. I got a letter the end of 2005 stating I owed I contacted the IRS and was told that they would stop my return. They did not and I was approved for a rapid return. I was lucky! I do not owe much sos the interest and penalties are minimal. Will the IRS stop my rapid Refund this year.
2007-01-01 10:14:49 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
There is NO SUCH THING as Rapid Refund. The IRS actually sued whichever company was using that term a couple of years ago. What you are talking about is a 'Refund Anticipation Loan' or 'RAL'. This is a bank loan expected to be paid from your tax refund. The IRS is in no way involved in this loan. The IRS may hold any refund you would have received this year to apply to whatever you owe. If they do, you still have to repay the bank. If the bank had been aware of a tax debt you owe, they would not have approved the loan.
2007-01-01 11:37:49 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
If you apply for a loan ("rapid refund") against your refund, you are signing a document saying that you do not owe back taxes. So in your case, you shouldn't sign it.
The IRS doesn't stop the refund loan, the bank does. It checks a database to see if there are back taxes, and if there are, it declines the loan.
If you can e-file and wait for your refund, reduced by back taxes, that would probably save you some money and grief.
One point I would add: Check the amount of the refund carefully for 2005. It may be the case that the back taxes were already taken out, since as you said it was a small amount. If that is the case, you may be OK applying for a loan.
2007-01-01 10:41:14 · answer #2 · answered by ninasgramma 7 · 3⤊ 0⤋
I don't know if they will stop your rapid refund or not, but they will come after you for that money.
The same thing happened to me. I didn't pay taxes on my unemployment for 2003/2004. They came after me last year. They gave me two choices. Pay the money or have your wages garnished. Regardless, you should go ahead and pay it, because one way or another, they are going to get it from you.
2007-01-01 18:55:09 · answer #3 · answered by kelly h 3 · 0⤊ 0⤋
It is going to the insurance beneficiary, who became of course your grandmother! insurance firms can not deliver insurance advantages to all and sundry different than the specific beneficiaries. If any (or all) of the youngsters were named as beneficiaries, they could have gained a verify of their own call for despite proportion your grandfather had desperate. in the event that they DID receive a verify of their own call from the insurance employer, they already have been given each and every thing they have been entitled to. the money belongs on your grandmother. Your mom and her siblings will would desire to attend till your grandmother dies in the previous they start battling over despite funds is left.
2016-10-19 08:09:51 · answer #4 · answered by quinteros 4 · 0⤊ 0⤋
Lucky when it comes to the IRS? I doubt it! Chances are they took their money before they sent you your refund. If it was a small amount you probably didn't even notice. I bet if you called them you don't owe anything.
2007-01-01 10:55:53 · answer #5 · answered by Kevin K 3 · 0⤊ 1⤋
I would guess that the RAL would be declined this year. Sometimes, it takes them a while to catch up. That is probably why the 2005 one went through.
2007-01-01 10:18:06 · answer #6 · answered by Wayne Z 7 · 1⤊ 0⤋