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

Iran eyes tighter spending, more tax to offset lost oil revenues

Yahoo News
?Iran intends to adopt a contractionary monetary policy for next year and raise tax revenues to compensate for the affects of the oil price slide,? Oil Minister Bijan Namdar Zanganeh said, quoted in Saturday's press. Zanganeh did not provide details on ...
 

Payback Is Forever: Tax Refund Offset Law Remains On The Books

Forbes
Just before Tax Day, a story in the Washington Post had folks talking about debt repayment. It's something we don't like to talk about in this country very much which is perhaps why it was newsworthy in the first place. But what really made taxpayers ...
 

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, ...
 

Wall Street Journal

Eni Profit Beats Estimates as Low Taxes Offset Oil Price
Businessweek
 

Independent Online

South Africa Unveils Carbon Tax Offset Proposals
Law360 (subscription)
 

Loss carry-back tax offset has ended

WA today
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 ...
 

North Pole Council Mulls Sales-tax Hike to Offset Refinery-closure Revenue Loss

KUAC
North Pole's mayor says the City Council is considering hiking sales taxes to cover an estimated $180,000 drop in property-tax revenues caused by the shutdown of the Flint Hills Resources refinery. Ward and Fairbanks Mayor John Eberhart heard about ...
 

Individual, Small Business Tax Shelters Provide Offset to Federal Stealth Tax ...

The Desert Sun
As individual taxpayers and several hundred thousand small independent businesses brace for the impact of stealth taxes charged against them to offset the cost of Obamacare, and other misspent federal government subsidies, it's incumbent on millions of ...
 

Wiscasset Newspaper

Wiscasset favors tax offset, school officer
Wiscasset Newspaper
 

Motley Fool

Year-End Tax Tips: Capital Gains and Losses
Motley Fool