Wondering Where Your Tax Refund Might Be? Check Your Student Loan Debt
By now millions of taxpayers have already filed their returns and have received their refunds. Still, there are others who are waiting for that check to show up in their account. For some, that wait can be very difficult and even cause a little anxiety. In most cases, there’s no need to worry. Just give it enough time and the IRS should be sending your refund soon. On the other hand, for some people who owe money on their student loans, the news might not be so good.
Several taxpayers are discovering this year that the refund they were expecting to get has instead been allocated for something else: to pay off their student loan debt. While this may come as a surprise to many, the law allows the Department of Education to take your tax refund if your student loan debt is in default. They can do this by using the Treasury Offset Program, which allows federal payments you would have otherwise received, to be taken and used to pay off debts to federal agencies.
However, according to the law, anyone who has a loan in default should first receive a warning that his or her tax refund could be used for paying down that student loan debt. In addition, if you do lose part or all of your refund, you can contest the decision. However, in order to win your protest essentially you have to prove that your student loan is not actually in default.
Will Illegal Immigrants Really Get A Huge Check From the IRS?
Whether you are for or against President Obama’s immigration plan, the fact that all the illegal immigrants in the country could file tax returns and claim refunds for the last three years, seems outrageous. However, according to the IRS, under the Earned Income Tax Credit, that is precisely what could happen. It doesn’t matter if…
Wondering Where Your Tax Refund Might Be? Check Your Student Loan Debt
By now millions of taxpayers have already filed their returns and have received their refunds. Still, there are others who are waiting for that check to show up in their account. For some, that wait can be very difficult and even cause a little anxiety. In most cases, there’s no need to worry. Just give…
California Comes Out on Top of Estimated Tax Revenue
Who says California isn’t doing well financially? When it comes to taxes, it appears that the Golden State is doing just fine. California is definitely one of the worst locations to live if you want to keep your tax bill low. With the latest report from the state’s Controller, Betty Yee, it’s no wonder that…
How to Choose Your Tax Filing Status if You’re Married
If you’re married then you’ve probably just always filed a joint return with your spouse. In fact, chances are you’ve never even considered filing any other way. However, for some people, married filing jointly is not the best option. Depending on your situation, it could be more advantageous to file separately. Here are some things…