Is my IRS return money for this year going to be automatically applied to my installment agreement debt from last year, or will they actually give it all to me?
1. I am on an installment agreement for 2005 taxes
2. I am expecting a nice tax return back from the IRS for 2006 but wonder if they will just decide to keep it and apply it to what I owe them.
It would be an added bonus if you could provide a link to confirm your answer as I can't find anything on the IRS website, etc.
Thanks!
2007-04-17 18:10:02 · 6 answers · asked by nopers 4 in Business & Finance ➔ Taxes ➔ United States
The IRS will apply any refund towards your debt. Period. Here's a link to the relevant article on the IRS website: http://www.irs.gov/businesses/small/article/0,,id=156496,00.html
"Will I Still Get My Tax Refunds if I have an Installment Agreement?
As a condition of your installment agreement, any refund due to you in a future year will be applied against the amount you owe. Therefore, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. The IRS will automatically apply the refund to the taxes owed. If the amount of your refund does not take care of the tax debt; then your installment agreement continues until all of the terms are met."
2007-04-17 20:12:53 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
in case you could no longer make some time-honored installment money you won't have the skill to pay distinctive thousand earnings expenditures the tax determination companies that publicize on television are going to cost you. The value IRS demands for money owed over $25,000 is predicated on your earnings and allowable costs. That value would desire to be adjusted to mirror your decreased earnings. you need to give up making money and the contract might default so which you haven't any contract then you definately touch IRS and return to sq. one. or you get your documentation jointly and ward off the intermediate steps. according to analyzing between the lines of your narrative, in case you have been my shopper, i might in all danger attempt to get your account labeled as at present no longer collectible at which component you won't be required to make any money till your situation more desirable. This demands documentation.
2016-10-22 11:53:58 · answer #2 · answered by ? 4 · 0⤊ 0⤋
The IRS will keep it to cover any outstanding debt you owe.
http://www.irs.gov/businesses/small/article/0,,id=156496,00.html
2007-04-17 19:00:28 · answer #3 · answered by Amy F 3 · 6⤊ 0⤋
Hard to say. A lot of the time in this life, we find ourselves at the mercy of whoever's in front of the computer screen.
2007-04-17 18:24:26 · answer #4 · answered by Anonymous · 0⤊ 2⤋
they will probably keep it but you should call them to make sure. its 1-800-829-1040
2007-04-17 18:18:22 · answer #5 · answered by misstress n 3 · 1⤊ 2⤋
don't bet on it
they may keep it but not apply it
2007-04-17 18:23:02 · answer #6 · answered by Robert F 7 · 0⤊ 4⤋