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

Wall Street Journal

Eni Profit Beats Estimates as Low Taxes Offset Oil Price

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 ...

Other gains offset tax dollars lost in Brunswick from DAK Americas
DAK Americas paid Brunswick County in 2013 about $270,000 in property taxes on real estate and $417,000 in real property taxes on such things as machinery. In 2014, DAK will pay the county $270,000 in property taxes and $133,000 in real property taxes.

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 ...

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 ...

Nassau lawmakers pass 2015 budget, strip out tax hike

Mangano, a Republican, had said the tax increase -- the first he has proposed in five years in office -- was necessary to help offset an "unexplainable" drop in sales tax receipts that could leave Nassau with a $70 million budget hole by year's end.

Dos and Don'ts for Year-End Tax Planning
After a six-year stock market rally, many funds have hefty capital gains on their books from having unloaded appreciated shares, and they have few losses to offset them. Those gains, in turn, must be distributed to shareholders. Further adding to the ...

Newport Now Expects Higher Taxes

Valley News
Newport ? Sharply lower tuition revenue and a substantial decrease in the year-to-year surplus used to offset taxes have resulted in a significant increase in the projected school portion of the Newport property tax rate. According to SAU 43 ...

The Flint Journal

parks millage would raise $6.4 million in first year
The Flint Journal