i have a school loan for about 3500 dollars and they started garnishing my wages in july of this year (2007) is there any way to keep my income tax from being seized?
2007-12-26 15:20:48 · 6 answers · asked by Jenn 1 in Business & Finance ➔ Taxes ➔ United States
Two ways immediately come to mind:
1. Pay off the debt before you file.
2. Bump up your withholding allowances enough that you have a small bill to pay at filing time. It's too late to do that for tax year 2007 but you can do it for 2008. As long as your tax bill is less than $1,000 (among a couple other safe harbor exceptions) you won't be penalized. Of course you'll need to set the money aside so you'll have it on hand when you file.
2007-12-27 00:42:30 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Nope, it is gone.
I would change my W-4 so that they withhold less, but either way they will take your money until this is paid off.
How about taking a second (or third) job and using 100% of that to get the creditor paid off faster? $3500 truly isn't that much money.
2007-12-26 23:24:55 · answer #2 · answered by Gem 7 · 0⤊ 0⤋
Not really. It's probably best that you get it paid off anyway--the less you have the debt, the more time you have to live the way you want to live.
2007-12-26 23:23:44 · answer #3 · answered by FaZizzle 7 · 0⤊ 0⤋
Not unless you want to go to jail instead, and that is a very distinct possibility as the government knows exactly how much you owe and what you will have coming back.
2007-12-26 23:25:27 · answer #4 · answered by Mama Mia 7 · 0⤊ 3⤋
You are done for get honest pay up.
2007-12-26 23:29:09 · answer #5 · answered by Union_Dooz 6 · 0⤊ 0⤋
No. If you are married, there's something your spouse could do.
2007-12-26 23:23:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋