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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

How to Offset Taxes on International Stock Dividends

Financial-Planning.com
Despite their high payouts, international stocks and funds can come with big tax bills, but there are ways to offset those hefty levies. There is no denying the appeal of foreign equities. The dividend yield on the stocks as of mid-September in the ...
 

International Business Times

Bill would eliminate insurance subsidy to offset Tesla tax breaks
Las Vegas Sun
 

Calls for changes to zonal tax offset as part of revamp to give northern ...

Courier Mail
The zonal tax offset, which offers small concessions to residents who live or work for at least 183 days a year in a remote area, is also facing calls for an overhaul. Critics claim the scheme is outdated because the benefits can be claimed by people ...
 

Japan May Offset Sales Tax Hike With Stimulus: Cox

Bloomberg
Sept. 15 (Bloomberg) -- Simon Cox, a managing director and investment strategist for the Asia Pacific at Bank of New York Mellon Corp., talks about the outlook for Japan's economy. He speaks with Angie Lau on Bloomberg Television's "First Up." (Source: ...
 

Supervisor: Money from EPCAL sale to offset budget deficit

Riverhead News Review
In past years, the town used fund balance to offset tax increases, but this year, only about $1 million to $2 million in fund balance is expected to be available by the end of the year, although it started 2014 with $3.5 million. Mr. Walter had ...
 

No time for complacency on tax reform, job creation: Editorial Agenda 2014

The Oregonian - OregonLive.com
While the growth of the high-tech industry has to some degree offset the loss of timber jobs, the primary beneficiaries of the technology boom have been well-educated workers in the Portland area. Meanwhile, the state has done little to adjust the tax ...
 

Patrick pitches tax swap; Van de Putte wants revenue surplus for schools

Dallas Morning News (blog)
Van de Putte, whose views contrast sharply with Patrick on most key issues, said one of her biggest priorities will be to restore the funding levels for public schools that were slashed back in 2011 and only partially offset last year. She pointed out ...
 

Tax Benefits for Education

Waxahachie Daily Light
The IRS offers these tips about education tax benefits that can help offset some college costs. Tax credits, deductions and savings plans can help taxpayers with their expenses for higher education. A tax credit reduces the amount of income tax you may ...
 

Cumberland officials say South Jersey jail deal is helping offset critical costs

NJ.com
?We have been able to take all the additional revenue generated from the deal and reallocate it to help offset the 2013 tax rate and control costs that are continuously rising ? like healthcare, pensions, gas and electric utilities and legal expenses ...
 

Letters: City, county should stop those panhandlers

Pensacola News Journal
A recent letter writer complained about our nation's high corporate tax rate in comparison with other nations such as Ireland and Switzerland, resulting in U.S. companies like Burger King moving their corporate headquarters abroad. We can reduce our ...