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IRS and Student Loans
#13396318
01/08/20 01:38 AM
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Joined: Apr 2009
Posts: 3,356
racing75
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Apr 2009
Posts: 3,356 |
If you owe student loans, does the IRS keep all of your income tax or just a percentage?
Men are like fish...If we'd learn to keep our mouth shut, we'd stay out of trouble.
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Re: IRS and Student Loans
[Re: racing75]
#13396320
01/08/20 01:39 AM
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Joined: Sep 2008
Posts: 121,172
hopalong
Pescador Loco
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Pescador Loco
Joined: Sep 2008
Posts: 121,172 |
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Re: IRS and Student Loans
[Re: racing75]
#13396323
01/08/20 01:41 AM
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Joined: Sep 2008
Posts: 121,172
hopalong
Pescador Loco
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Pescador Loco
Joined: Sep 2008
Posts: 121,172 |
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Re: IRS and Student Loans
[Re: hopalong]
#13396327
01/08/20 01:43 AM
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Joined: Apr 2009
Posts: 3,356
racing75
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Apr 2009
Posts: 3,356 |
Sure am hop. The wife is as well.
Men are like fish...If we'd learn to keep our mouth shut, we'd stay out of trouble.
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Re: IRS and Student Loans
[Re: racing75]
#13396332
01/08/20 01:46 AM
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Joined: Sep 2008
Posts: 121,172
hopalong
Pescador Loco
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Pescador Loco
Joined: Sep 2008
Posts: 121,172 |
read the article I posted
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Re: IRS and Student Loans
[Re: racing75]
#13396353
01/08/20 02:04 AM
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Joined: Jul 2010
Posts: 9,520
TR176
TFF Celebrity
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TFF Celebrity
Joined: Jul 2010
Posts: 9,520 |
The goal for you would be to only have just enough withheld. This should be a minimal issue for you.
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Re: IRS and Student Loans
[Re: racing75]
#13396357
01/08/20 02:07 AM
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Joined: Sep 2005
Posts: 27,571
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,571 |
https://blog.ed.gov/2017/07/3-ways-to-get-out-of-student-loan-default/See if you each qualify for loan rehabilitation. Without knowing more about your situation, this is probably your quickest way out of the fire and back into the frying pan. From there, you can work on income-based repayment plans to make the debt manageable and keep the IRS out of it. As to your original question. YES. The IRS can and will keep every penny of your tax refunds until the student loan debt is either paid, or back in good standing.
Last edited by Uncle Zeek; 01/08/20 02:24 PM.
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein Artim Law Firm, PLLC Estate planning & tax attorney 2250 Morriss Road, Suite 205, Flower Mound, Texas 75028 972-746-0758 mobile zac@artimlegal.com
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