But there are ways you can avoid this undesirable situation and keep your tax refund to yourself even if youre struggling to make student loan payments. But if your federal student loans are in default because you havent been making payments your tax refund could be taken away.
How To Find Out If Your Federal Tax Refund Will Be Offset
can a student loan take your federal tax return
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The student loan tax offset hardship refund offers you a chance to keep your money or get it back if its been garnished.
Can a student loan take your federal tax return. What to do when a tax refund is seized for student loans student loan holders start this process in the fall but borrowers are often surprised when their refund is garnished. Your loan servicer wont just take money from your tax return automatically. An interception of tax refunds is a popular method of collection and the department of education collects millions using this method.
If your federal student loans are in default you might face a tax offset when tax season comes. Federal benefits can also be confiscated. This is called a tax offset and it can take all of your tax refund if your student loan is in default.
The irs could take some or all of your tax refund and use it to pay off your defaulted federal loans. Pay your student loans on time. 6 common questions about student loan defaults and tax refunds failing to stay current on your student loans means the government can seize your tax refund or wages.
How do i know if my student loan will take my tax refund. How do i know if student loans will take my tax refund. Its important to note that you can only get your tax refund offset if your student loans are federal loans and youre currently in default meaning you havent paid your loans in a long time.
If you want to avoid having your tax refund taken for student loan payments the key is to pay your student loans on time each and every month. Specifically for the 2019 tax year the return youll file in 2020 the ability to claim the student loan interest deduction starts to go away if your magi modified adjusted gross income is. There are only a few ways you can qualify to pocket that much needed tax refund.
You can contact the agency with which you have a debt to determine if your debt was submitted for a tax refund offset or you may call bfss top call center at 800 304 3107. If you default on a student loan the irs can confiscate income until the student loan is paid in full. But if you default on your student loans and you have serious student loan debt collectors can take numerous actions against youincluding taking your tax refund.
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