What would you like to do?
Will the IRS or state take your tax refund due to delinquent student loans?
Answer Do you mean you believe you are owed refunds? Or that you failed to file your taxes for the incomes for those two years 2002 and 2003 and you may owe the IRS. … Either way you should contact a tax preparer or contact the IRS, they do have help lines: Such as 1-800-829-1040 IRS Tax Help Line for Individuals For individual and joint filers who need procedural or tax law information and/ or help to file their 1040-type individual returns (including Schedules C and E); and, general account information for Form 1040 Filers. Automated Self-Service Interactive Applications are also offered on this line. I meant i need to file those two years and am PROBABLY owed a refund. Answer You only have three years to claim a refund from the date the return was due. The latest return you mentioned, 2003, was due on April 15, 2004. That means the three year deadline to claim your refund was April 15, 2007. If you were actually due a refund, you've missed your opportunity to claim it. With that said, I've added a link below for IRS forms from previous years.
In the US, it depends on whether your loans are with DIRECT or FFELP. If you have FFELP loans, you are eligible to consolidate. If you have direct loans and have never consoli…dated before, then you are eligible. If you previously consolidated your FFELP loans, then you may be eligible to reconsolidate. If you previously consolidated your Direct loans, then you are not eligible to consolidate again. If you need help getting out of default, click on the link at the bottom of this text box.
The government can offset refunds by what it is owed...(the money would go to the student loan program).
New Answer: No they can't. You can get it back. I just got off the phone with someone from NEDAP who told me that student loan refunds are exempt and that there is also some l…aw that prohibits them from taking money out of your account (something about low income) if you have less than $1700 in your account anyway that's not student loan money. Get it back. And Google NEDAP. They are extremely helpful. Previous answer: I am in the process of researching the same question. Here is what I have deciphered. If you have judgment against you ie. creditors have taken you to court and won, they have the right to go into your bank accounts and take money. So any bank account with your name on it is fair game, even if its tied to your school in some way. Most schools offer different ways of receiving your refund. My advice would be to get it in a paper check and cash it, or deposit it into a trusted persons(parents) account and get money from then when needed. Just remember that any account with your name attached can potently be drained down to 0$.
Yes: Any money that you have coming from federal or state will be taken. A letter will arrive stating that a debt has been forwarded to the Franchise Tax Board that you owe on… behalf of the IRS. Its really a sad situation!
No one can simply take money from you. If you owe money to anyone and fail to pay it back then that person or organisation needs a court order.
Yes, the Department of Human Services can take some or all of your state and federal tax refunds to pay a child support debt.
If your student loans are being garnished, you can count on your name being on the tax offset list, meaning that they will apply your refund amount to your loan repayment. …If you need help getting out of default, or getting a garnishment lifted, then contact Default Management Services, Inc. for help. You can Google the name for a phone #. Ask for Doug, he is knowledgeable.
If you are delinquent in your student loans to the point where your refunds are being intercepted, they can take the entire refund until the debt is satisfied.
You may not get advance warning, but you should receive a letter from the Treasury Offset Program telling you that your refund that you were expecting to receive has bee…n offset. Many times, the offsetting agency (in your case, the student loans) will send you a letter beforehand informing you of their intent to offset your federal refund.
I believe that any tax refund to which you think you may be entitled was diverted to pay down the debt of your student loan obligations. Your federal income tax will be applie…d to any federal student loans that are in default. The only way to stop garnishment is to enter into a repayment agreement with your loan holder and make payments for 6 months. Your state income tax is not garnished. The refund is applied to the interest owed so your principal balance never actually decreases. You can change your W2 status so that less taxes are taken from your paycheck. But be careful to ensure that enough taxes are taken out to pay your tax deduction or you may have to pay at tax time. If you're single with a standard deduction you usually pay $2,500 in taxes (check IRS tax tables). Once you have paid that much in taxes, change your W2 status so you take home more pay. Then you won't get a tax refund to be garnished. you got your money as pay.
Answer No. The judgment creditor can, however, execute the judgment as a wage garnishment or bank account levy or any other methods allowed unde…r the laws of the state.
You can find out if you have a student loan tax refund lien by calling the IRS. The phone number is (800) 913-6050.
If your Federally Guaranteed student loans are in a Default status then the collection agency will place your name on the Tax offset list. Once on this list, you will not rece…ive a tax refund check, instead it will be credited to your student loan balance. If you need help getting out of default, or getting a garnishment lifted, then contact Default Management Services, Inc. for help. You can Google the name for a phone #. Ask for Doug, he is knowledgeable.
According to me it take about 2 to 3 weeks.
Yes, States can intercept your refund via the Treasury Offset Program.
If it is in deferred status, they will probably not tax your tax refund. If your student loan is delinquent, then they will be retaining you refund and putting it toward y…our debt.