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Can the court take your income tax refund for money owed on a repo and do they base the payments on income amount or do they get it in large amounts?
They WANT it in as large of amounts as possible but they take what they can get. wage garnishemnt can only take 25% of your DISPOSABLE income. You should get a notice telling you what they can and cant do.
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When you are due a refund and fail to file your income tax return to claim the refund amount that you are due they do not charge the penalty because if you fail to claim the a…mount it will eventually be lost.
No. All penalties with the IRS are based on a percentage of what you owe. If you don't owe anything, there is no penalty. You should be aware, however, that you onl…y have three years from the date the return was originally due (including extensions) to claim a refund or else it is lost forever. So as of today (6/11/2008) you can only still get a refund on your 2005, 2006, and 2007 returns.
disposable personal income
No, neither federal nor state tax refunds are subject to creditor garnishment or seizure. Tax refunds can only be seized or garnished for, taxes that are due, child support, f…ederally funded student loans and in some cases spousal maintenance (alimony).
The law requires you to file by April 15. The IRS has no way of knowing whether you are owed a refund until you file (and many people who are sure they are owed a refund get… a surprise when they actually finish filling out the forms). Perhaps your only source of income is wages reported on a W-2, but many people have all sorts of other income that is not reported on a W-2. The IRS does not know if you are one of these people until you file. If you don't file, after a while the IRS will make certain worst case assumptions about your income and deductions and pursue you based on those assumptions. The law also allows them to bring criminal charges which carry jail time and/or fines against people who don't file WHETHER OR NOT THEY OWE TAX OR HAVE A REFUND COMING. Bringing criminal charges is only done in extreme situations and almost never when there is no tax due. But do you really want the possibility hanging over your head? If you haven't filed, just do it. If you are due a refund, you usually have three years from the original due date to claim it. If you are due a refund, there won't even be a federal penalty (there may be a state penalty). Just get it done and claim your refund.
No. Usually a bank will send your debt to a collection agency. Most collection agencies don't have the authority to garnish your tax refund.
no you may not ans Actually yes you can. The Earned Income Credit (or EIC) may be paid as a refund even if someone had no other income to report and pay on. addition …= If you have no earned income, you would not qualify for the earned income credit.
as per the indian government who is earning above 15k as net salary or net income they will have to pay the income tax
Taxable income is the total income after deducting all deduction under the section 80(c) to 80(u). The tax liability is calculated on the total taxable income.
The closer it is to the deadline (normally April 15) the longer your processing will take. Electronic returns may require as little as 7 to 10 days, while mailing in a paper f…orm can extend this to 3 to 4 weeks at the start of the tax season (January) and up to 6 to 8 weeks by the middle of April. File early to reduce your wait. (see link to IRS refund inquiry page)
Tax refunds can only be seized for tax arrearages and/or child support arrearages, they are not subject to attachment by a judgment creditor. Obviously if the refund is depos…ited in the debtor's bank account a judgment creditor can levy that account and seize any and/or all funds necessary to pay the judgment. The exception is monies that can be proven to belong to a joint account holder who is not the debtor, and monies considered exempt, such as SS, SSI, SSD. However, each state has a minimum exempt amount for bank accounts that cannot be seized by creditors. But you have to go to court and ask to protect it. It's not tiny, either. In Virginia, for example, the first $5,000 in the bank can be exempted from seizure by a creditor. Maryland exempts $6,000. This is not a bankruptcy exemption, it's a general exemption from attachment by a judgment creditor.
If all depends on their income. He may have all kinds of income. He may own rental property or stocks. You cannot answer the question with the information given. = ans == The… amount one pays as income tax depends on their TAXABLE income. It is a percentage of that income. The exact percentage used depends on the level of that income. Taxable income depends on many things: Earnings from employment for sure, earnings from other sources (investments, government payments, etc.), and even then certain items of each may be not included, or things you may not receive in cash may be included. For example - the contribution to a 401k is not taxable income, even though it is part of your salary. On the other hand, certain benefits you may receive, like employer paid life insurance, car allowances, even access to a cafeteria that has reduced prices because of an employer supporting it), may result in taxable income to you. Once the amount of taxable income is determined, then the deductions to that income are applied. For example, interest paid on the mortgage for your home, number of dependent children, number of other qualifying dependents, medical costs, certain expenses of making that income, state taxes paid, etc.). Hence, any 2 people, holding the exact same job at the exact same salary and benefits, may well have 2 entirely different tax amounts due. Once the amount of taxable income is determined, looking at the tax rate charts (made by filing status, for example single filer verses married filing jointly), for that income determines how much one actually must pay. THE AMOUNT ONE RECEIVES "BACK" AS A REFUND IS SIMPLY HOW MUCH THAT IS LOWER THAN THE AMOUNT THEY PAID IN AS ESTIMATED PAYMENTS - OR IN MOST CIRCUMSTANCES - THROUGH PAYROLL WITHHOLDING. You actually control how much that was when you completed your W-4, and hopefully it is about right for the amount needed to be paid, or you incur penalties and interest. Simple Common Sense on when you need to file a return: It really makes no difference since the only time you actually do WANT to file is when the IRS says you don't have to! They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type income. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of "how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does.
$400.00 or more for non-church income and $108.28 for church employee income.
This is an intriguing question considering that the IRS does consider forgiven debt to be income normally. However, I have never seen the IRS pursue any of my clients for inc…ome taxes due to forgiven debt in bankruptcy. I stay as far away from the Tax Code as possible, though the answer may lie in there.Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Yes, the IRS can, and will, garnish an income tax refund if money is owed from an audit.
disposable personal income