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Government Guaranteed or isnured ones, yes.
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∙ 15y ago
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Can wages and Income tax be garnished at the same time for student loans?
yes and no
Can Federal tax return be garnished for student loan?
yes - it can be garnished for any federal obligations
How does having student loans affect tax return?
Not at all
Can you apply unclaimed interest paid on student loans during the 2006-2007 tax season on your 2008 tax return?
Interest on student loans isn't deductible - regardless of when paid or accrued.
What are tax return loans?
Tax return loans are when an individual borrows an amount of money against their tax return.
When can the IRS garnish your tax return?
The government has just garnished my 2008 federal tax return due to my student loan being defaulted. My student loan dates back to 2005. It was very inconvenient to have my return garnished, especially since I would have received $6,500, but I am also glad I had this resolved!
If you are being garnished for a defaulted student loan will they keep your entire tax return?
They will take the entire tax refund if you owe that much. And they will do that every year until the loan is paid.
If your pay is being garnished for student loans can they still keep your tax refund check?
Not sure who "they" are...but they can use all legal means to collect what you swore you would pay.
What percent of your tax return can be garnished?
100% can be garnished and for as many years as it takes to repay the debt.
What type of loans are tax deductible?
Mortgages and Student loans are the only types of loans that are tax deductible.
What happens to a person who does not repay student loans?
Federal student loans have no statute of limitation, meaning they can collect forever. The can garnish your wages without taking you to court, take your tax refund, and sue you in court for property and bank accounts. Student loans are also almost impossible to discharge in bankruptcy. There are people now who did not repay their student loans from the 1970s who are having their social security garnished. Not paying is a very bad idea.
What is the average percentage withheld from tax refunds for defaulted student loans?
They can, and will, take the entirety of your tax return for any outstanding federal debt including student loans and prior year taxes. There is no legal requirement that they return anything to you owe other branches.
