0
What happens if you default and the majority of what you owe is to the IRS?
Wiki User
∙ 13y ago
The IRS acts like any other creditor only with more power. If you go into bankruptcy, your assets, except for those that are protected are sold and your creditors, including the IRS, get the money. After that, if bankruptcy wipes your record clean, that includes the IRS. There may be other considerations. You will need to discuss the options with your lawyer.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What if you owe IRS but have a refund?
If you owe money to the IRS for prior years taxes, and you have a refund due to you on this year's taxes, the IRS will keep the refund and apply it towards the debt that you owe.
Can tax software help me even if I owe the IRS?
If you owe the irs you should contact a tax professional.
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
How do you reset your pin with the IRS?
looking for the number to the IRS to see if i owe anyone
How long does it take the irs to take there money you owe them Will my tax refund be offset even though the irs process my tax return?
Yes if you owe the IRS money your tax refund will be offset, and usually if they are aware that you owe them money, they will offset it immediately.
Can you get a pell grant for college if you owe IRS?
yes as long as you have set up promised payment with the IRS and are not default with that.
What if you owe IRS but have a refund?
If you owe money to the IRS for prior years taxes, and you have a refund due to you on this year's taxes, the IRS will keep the refund and apply it towards the debt that you owe.
Can tax software help me even if I owe the IRS?
If you owe the irs you should contact a tax professional.
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
How do you reset your pin with the IRS?
looking for the number to the IRS to see if i owe anyone
How to find people that owe the IRS?
There is no way to find people who owe the IRS (Internal Revenue Service). These types of lists are not public information.
How long does it take the irs to take there money you owe them Will my tax refund be offset even though the irs process my tax return?
Yes if you owe the IRS money your tax refund will be offset, and usually if they are aware that you owe them money, they will offset it immediately.
Do you owe IRS back taxes?
yes
Pay Your Taxes?
If you require a tax extension and do not owe any money to the IRS, then you are in good shape. However, if you do owe money to the IRS, then you are still going to have to pay up by the deadline. Even if you want to get a tax extension, you will have to pay at least 90% of what you owe to the IRS ahead of time. The other 10% of what you owe may then be given to the IRS by the tax extension deadline. Be sure to understand the tax extension deadline rules so you do not get into legal trouble with the IRS.
What is IRS form 8806?
Is where you owe more money
What could happen to me if they find out that I owe the IRS?
The IRS can actually garnish your wages if you owe back taxes. However, they will work with you on an installment plan if you need it. The IRS wants their money so they will try to give you a discount if you ask for it.
Who can keep your tax refund?
If you owe back taxes, the IRS can apply the refund to prior year's taxes owed. I think if someone is in default on a student loan, then tax refund may be withheld to pay that (not positive though). The IRS dot GOV website may have more information.
