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

Sydney Morning Herald
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 ...
 

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 ...
 

Re/code

Hungary plans to impose new tax on Internet traffic
Reuters
 

International Business Times

Abbott earnings tumble as costs offset better sales
Chicago Tribune
 

Calculating Your Tax on Capital Gains and Losses

The Legal Intelligencer
Short-term capital gains are taxed at the taxpayer's ordinary income tax rate. ? Capital losses are limited to $3,000 per year. If, however, you have capital gains in the same year, your capital losses can offset your capital gains. If there are any ...
 

Tax Guide for Mutual Fund Distributions

Forbes
So far, you are only breaking even, but you owe tax on the $1 distribution. You can partly or fully offset that tax by cashing out the fund share at $19, creating a $1 capital loss. But you are inconvenienced and, if you are one of the unfortunates ...
 

Lehigh County commissioners approve budget cutting taxes $1.25 million

Allentown Morning Call
Freshman Commissioner Geoff Brace, a Democrat, said after the meeting that he was disappointed he wasn't able to vote for his first budget, but ultimately he couldn't agree to the final amendment, a tax cut he said would be harmful while the county is ...
 

Coakley: No immediate plans to seek graduated tax

Worcester Telegram
... tax increases if current revenues are insufficient to cover state investments in education, transportation and other key government services. On Wednesday, she chided Baker for calling for targeted tax reductions without saying how he would offset ...
 

Newsandtribune

Percentage play: Towns butt heads with Legislature over 1% food and beverage ...
Newsandtribune