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Can a credit card company intercept your income tax refund?

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βˆ™ 2006-08-21 13:19:10

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2006-08-21 13:19:10
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Q: Can a credit card company intercept your income tax refund?
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Related Questions

Can a credit card company intercept your income tax refund if you have a judgment against you?

Yes - the refund is an asset - which the card company can use to offset your debt !

If credit card company has a judgment against you can they intercept income tax return?

No, unless the refund is directly deposited into your bank and the credit card company has a judgment and files a lien on your account. Not legal in many states.

Can a private party do an intercept on someone's income tax refund?

no why u guyz r so scared of income tax

How do you know if your tax refund will be intercepted?

You will receive a judgment from the creditor a year before they intercept only your state income tax. The judgment will say income tax intercept on it. A federal agency can intercept your federal taxes also.

Can you request it least half of your income tax refund given to you and the other half go to child support?

No. The entire refund is subject to intercept.

Can you receive tax refund if you have no income?

no you may not If you have no earned income, you would not qualify for the earned income credit.

Where do you put income in the balance sheet?

that income is from others company temporary use our bank ,after that we will refund to that company

Can a credit card company take your income tax return?

A creditor cannot seize a federal tax refund, but the creditor can file a lawsuit and if they are awarded a judgment they can levy the bank account in which a tax refund is deposited.

Can you get an income tax refund if you do not work?

Not if you did not have some income tax withheld from some type of income or if you are qualified for some type of refundable tax credit.

If your only income for the year is unemployment can you file taxes and still get a refund?

Anyone can file taxes.You can only get a refund if you overpaid taxes during the year or qualify for some refundable tax credit such as the Earned Income Credit or the Additional Child Tax Credit.The most likely reason you might get a refund would be if you had taxes withheld from your unemployment compensation.

Can the government take your earned income tax credit due to delinquent student loans?

It can take your tax refund.It can take your tax refund.It can take your tax refund.It can take your tax refund.

Can child support take your child tax credit on return?

The State child support agency can intercept your tax refund, yes.

Will the bankruptcy court take a tax refund in Colorado?

Yes unless it is Earned Income Credit.

What do you do if a company does not refund your money to your credit card within 30 days?

You have 60 days to file a dispute with the credit card company. Call the company who owes you money and tell them they have 48 hours to refund your money or you will do a "chargeback." Companies hate that word because it is like a bounced check, they get charged a $25 fee (varies from state to state). If they do not refund your money, call your credit card company and tell them you want to dispute a charge on your credit account.

Can you receive a tax refund greater than what you have paid in?

There are several "refundable" tax credits that can result in a refund greater than what you paid in. The most common are the Additional Child Tax Credit and the Earned Income Credit (EIC). There are also more obscure credits such as the credit for repayments of previous years' taxable income.

How do you record taxes return in Journal Entry?

Debit cash / bankCredit income tax refund

What is the journal entry for interest received on a state tax refund?

Debit cashCredit interest income

Can unemployed mom get tax refund?

Unless you paid federal and state taxes you cannot get a refund. Many people make the mistake of thinking they can file taxes simply to get the earned income credit. They are wrong. It is called the earned income credit because they earned an income. So unless you worked at some point over the prior year you cannot get the earned income credit. And unless you paid taxes in then you have nothing to file or claim.

Is it possible to receive more money in a return than you paid in?

If you are asking about a Federal Income Tax return---Yes, you can receive a larger refund than what you paid in. If your income is low and you have children, you may be eligible for Earned Income Credit and Child Tax Credit, along with several others. These will sometimes enlarge your refund to more than you paid.

What is the difference between a refundable and a nonrefundable credit?

On the federal 1040 income tax return a refundable credit means that if you do not owe any past due taxes, penalties, interest or legal government debt that is in the FMS offset refund program you will receive a refund of the amount of the refundable credit. The nonrefundable credit amounts if more than your federal income tax liability will only reduce your federal income tax liability to -0- ZERO on your 1040 federal income tax return and any amount of the nonrefundable over your income liability will NOT be refunded to you.

What will a decrease a revenue and a decrease in assets?

A sales refund will reduce income (debit to Sales Returns) and assets (credit to cash). A debit to Depreciation Expense and a credit to Accumulated Depreciation will reduce assets and net income.

Do you have to send the credit card company your deceased mother's income tax refund like they say you do They say they contacted the IRS to have it sent to them but the check still came to you?

DO NOT send them the IRS refund check under any circumstances. An IRS refund is considered an asset and should be relinquished to the probate court as such. If the state does not require probate procedures in this specific case, contact the IRS office for instructions on the proper procedure concerning the refund. Do not endorse the check or attempt to cash or deposit it in an account. And file a FDCPA complaint against the credit card company that told you that.

Earned Income Credit (EIC) Calculator?

Earned Income Credit (EIC) Calculator Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than your total income tax bill, providing an income tax refund to families that may have little or no income tax withheld from their paychecks. Use this calculator see if you qualify for the Earned Income Credit, and if so, how much it might be worth to you and your family. This calculator creates estimated values for tax year 2010.

Is your income tax return qualify as income?

In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on the federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state refund won't count as income.)

Will the 8000 be refunded or will just reduce your adjusted gross income?

The tax credit amount does not have any affect on your AGI nor on your taxable income amount. Your federal income tax liability if any will be reduced by up to the 8000 of your FTHBTC. If your federal income liability is less than the 8000 amount then you will receive a refund of the amount that is left. The 8000 FTHBTC is a refundable credit and if you do not have any federal income tax liability you will receive the 8000 amount as a refund.