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Making Finances Simple. Changing Lives.

5/9/2013

4 Facts on Tax Refunds and Offsets

Certain financial debts from your past may affect your current tax refund. The law allows the use of part or all of your tax refund to pay other federal or state debts that you owe.

Here are four facts you should know about tax refunds and offsets.....

1.   A tax offset generally means your tax refund has been used to pay for certain unpaid debts, instead of being refunded to you.

2.   If you have unpaid debts (such as overdue child support, state income tax or student loans), part or all of your tax refund can be applied to pay that debt as a tax offset.

3.   You will receive a notice if an offset occurs. The notice will show you an accounting of your original tax refund amount and your offset amount.

4.   If you believe you do not owe the debt or you want to dispute the amount taken from your refund, you should contact the agency that received the offset amount, not the IRS.

If you have any questions on the handling of your tax refunds, please contact us…we’re happy to help!


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