Dec 24, 2007

Tax Debt- Does the IRS have your refund??

The IRS recently published another press release stating there is $110 million in unclaimed refunds. Mostly, unclaimed refunds are due to taxpayers moving and the IRS does not forward the refund check. However, alot of refunds are seized to pay many other items including you past tax debts. The IRS can seize your refund, take your refund if you are in currently not collectible or an installment agreement (in fact- they will take your refund if you are in this status), or owe some other federal debts (i.e. student loans) or child support.

Your IRS accounts are subject to the Treasury Offset Program. This program can summarily take your refund.

Hence, if you are one of the "unclaimed" refunds- the chances are greater that the government took your refund rather than it is "unclaimed."

If you owe tax debt and the IRS is taking your refund, it is best to consult a tax professional for all of your options.

1 responses:

Anonymous,  May 13, 2008 at 11:42 AM  

The IRS seized our income tax return this year for child support on a child that is now 35 years old. We paid through the courts and they have lost the records and now want us to prove the payments 15 years after my husbands child turned 19. We have lived in the same house for over 20 years, were in the local telephone directory, and they said they couldn't find us. Keep your child support records until the day you die - store them with your will. This could happen to anyone.

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