child support

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Tax Offset

(Also know as tax intercept) When the obligor's income tax refund check (Federal or State) has been taken by child support to pay an arrearage (back support).

Question: How can you recover funds from a tax offset? I've had my tax refund "garnished" or offset. I had an outstanding student loan for about $9000. I would like to pay it. Just not quite like this. I am in desperate need of these funds (Which they managed to get $3,200 of my refund for themselves). I've heard I can write a letter of hardship or something like this. What options do I have and what is the best possible thing to do so I may see my $3,200 again?

Answer: I work for a student loan company (though not for the collections department). To my knowledge you can't. They give you enough time (ayear before default and however much time before the garnishment) that if you haven't set up payment arrangements by then then that is the only option. My best advice would to set up payment arrangements with the collection agency soon, for the rest of the balance, otherwise they will start garnishing wages as well. Sorry, I wish I had a better answer.


Tax Offset Related Products and News

Loss carry-back tax offset has ended

The Age
The ATO will update your tax assessment for you if you claimed the offset in your 2013-14 tax return. Your company will be sent an updated notice of assessment, including any amount you need to repay. You won't be liable for any interest or penalties ...

Kingston Mayor Shayne Gallo's budget proposal uses surplus to offset tax hike

The Daily Freeman
KINGSTON >> Mayor Shayne Gallo's proposed city budget for 2015 calls for using nearly $700,000 of the city's surplus fund balance to offset a city tax increase, according to City Comptroller John Tuey. Tuey said Thursday that the proposed budget would ...

Nikkei: Japan mulls higher dividend tax to offset corporate tax cut

ForexLive (blog)
Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, ...

SMSFs wrongly claiming no-TFN tax offset, says ATO

SMSF Adviser
?The no-TFN tax offset is only available if your SMSF meets these conditions: additional tax has been paid (in any of the three previous income years) on concessional contributions because you did not have the member's TFN [and] the member's TFN is ...

Careful Handling of Capital Gains and Losses Can Save Taxes

Accounting Today
These taxpayers should consider the extent to which they should sell appreciated assets before year end (if their value has peaked) and thereby offset gains with pre-existing losses. Long-term capital losses are used to offset long-term capital gains ...


WHO Meets Behind Closed Doors, Threatens A Global Tax Hike

Breitbart News

Hungary Proposes Tax on Internet Data Transfers
Breitbart News

The Tennessean

'Donor advised funds' give tax break to the little guy
The Tennessean

Study: Voluntary support for public schools has grown, but not enough to ...

IU Bloomington Newsroom
But the growth hasn't come close to offsetting the reduction in tax revenues for schools that came with the recent recession, according to a study by Indiana University researchers. And the support is uneven, with students in high-poverty schools less ...

UPDATE 2-Bristol-Myers tops 3rd-qtr estimates as sales of top drugs sizzle

Reuters UK
Oct 24 (Reuters) - Bristol-Myers Squibb Co reported better-than-expected third-quarter results, as sizzling sales of its treatments for blood clots, cancer and arthritis helped offset sharply higher taxes, sending the stock up 2.6 percent. The U.S ...