CAN I THEN FILE MY FEDERAL TAXES AND RECEIVE THE REFUND I WILL BE DUE ONCE THAT DEFAULT STATUS CHANGES TO "REHABBED" STATUS? I know if I file it before then the IRS will take it. But I am being told to file an extension and then file my taxes after those 9 payments are made and the loan is no longer in default...then I will be given my refund....is this true....HELP!!!!
2007-12-03 12:17:56 · 2 answers · asked by unroastbeef 1 in Business & Finance ➔ Taxes ➔ United States
I want to make sure i receive the refund, it is sizeable and I am trying to ensure I receiev it to use it towards a wedding....
2007-12-03 12:32:05 · update #1
I want to make sure i receive the refund, it is sizeable and I am trying to ensure I receiev it to use it towards a wedding....if I file AFTER the status is not in default will I receive my refund????
2007-12-03 12:32:52 · update #2
That may be true, HOWEVER if you allow the tax refund to be captured you will pay the loan off SOONER. Given that you are probably paying interest on the loan, I'd personally let them grab the tax refund as that will reduce the total amount you'll eventually pay.
And with delaying your filing you always run the risk of being stuck with penalties and interest if you wind up owing any tax when you file. Without knowing all of your financial and tax details it's not possible to say if that could happen, but if it did you certainly would NOT be the first person to have that happen to them.
2007-12-03 12:28:42 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you have been told that they will take your tax check, then there really isn''t much that you can do. However, if they take your tax check, you will have that much paid toward the debt, and it will be less money that you owe them.
2007-12-03 20:25:58 · answer #2 · answered by Gnurse 3 · 0⤊ 0⤋