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

The Canberra Times

Make sure you've got your tax ducks in a row
The Canberra Times
 

Could you be eligible for a 40%+ tax offset for your current farming practices?

Mondaq News Alerts (registration)
The R&D Tax Incentive is one of the Australian Government's key strategies to encourage industry investment in research and development. Activities that are generating new knowledge, new or improved products, devices, materials, services or processes ...
 

The Bring Jobs Home Act Won't

Forbes
Unlike the older-style jobs bills, this one does not provide tax subsidies to offset labor costs. And to qualify for the subsidy, firms must only show some increase in domestic jobs. If I read the bill correctly, one new job will do. Presumably, a U.S ...
 

MiamiHerald.com

Shumlin administration looks for savings to offset $31M downgrade in state ...
Brattleboro Reformer
 

House passes tax credit for college expenses

The Hill (blog)
Charles Rangel (D-N.Y.) further objected to creating a long-term tax credit without any offsets. "It's permanent, there's no provisions to pay for it, and it buries us in more debt," Rangel said. But House Ways and Means Committee Chairman Dave Camp (R ...
 

CNBC.com

'Inversions' create tax reform turmoil
CNBC.com
 

Controversy Surrounds Proposed Bell County Hotel Tax

KCEN-TV
Bell County taxpayers already foot the bill for the cost of the Expo, and the commissioners were looking to impose the hotel tax to help offset some of those costs by out of town visitors. In order to pass the tax, the proposal has to be passed as a ...
 

UK Deficit Goal In Doubt as Spending Offsets Tax Jump

Businessweek
Britain's budget shortfall was little changed in June as increased spending offset a jump in tax receipts, casting doubt over whether Chancellor of the Exchequer George Osborne can meet his deficit-reduction goal. Net borrowing was 11.4 billion pounds ...
 

Bethesda Now

County Says It Saved $2.9 Million In Ineligible Tax Credits
Bethesda Now
 

House Republicans vote for business tax cut with no offset

CNN
Washington (CNN) -- House Republicans, who fervently pound the podium against the deficit, didn't blink Friday at passing a whopping $287 billion business tax cut measure with no effort to pay for or offset that amount. GOP lawmakers argued the bill ...