Posted By: racing75
IRS and Student Loans - 01/08/20 01:38 AM
If you owe student loans, does the IRS keep all of your income tax or just a percentage?
IRS and Student Loans
Posted By: hopalong
Re: IRS and Student Loans - 01/08/20 01:39 AM
are you in arrears?
Posted By: hopalong
Re: IRS and Student Loans - 01/08/20 01:41 AM
Posted By: racing75
Re: IRS and Student Loans - 01/08/20 01:43 AM
Originally Posted by hopalong
are you in arrears?
Sure am hop. The wife is as well.
Posted By: hopalong
Re: IRS and Student Loans - 01/08/20 01:46 AM
read the article I posted
Posted By: TR176
Re: IRS and Student Loans - 01/08/20 02:04 AM
The goal for you would be to only have just enough withheld. This should be a minimal issue for you.
Posted By: Uncle Zeek
Re: IRS and Student Loans - 01/08/20 02:07 AM
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.
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.