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| *Loan,banking and credit>>>income tax |
I owe money on a school loan, but wages are being garnished. will they still keep my income taxes? |
I owe money on a school loan, but wages are being garnished. will they still keep my income taxes? If you wages are being garnished then yes they will take your tax return. If you want it to stop contact the company who has your defaulted loan and set up payment arrangements this will stop the garnishment and also if you do it quick enough it may save your tax return. Source(s): Personal experiance IRS took last years return. Yes, very likely they will withhold your refund if you are entitled to one. YES!!! They sure will. I am in the same situation. Welcome to the club. No not if they are garnishing from your wages earned.You are paying off your school loan and you are allowed to keep your income tax refund if you are eligible for a refund.Also if you are attending school full time or part time you are also eligible for your tax refund.Good Luck. Actually, all of the answers you've received so far are correct...but it is more complicated than that... your loans are in default...that means that you fell behind...although your wages have been garnished and you are therefore paying on your loan, until you have caught up and are current on your loan you will not receive your tax refund...once you have brought your loan current you can petition to have your garnishment stopped and your tax refunds will not be withheld... an alternative...you can also secure a private loan to repay your student loans in full...if you default on the private loan it will be reflected in your credit score but your wages won't be garnished nor will your tax refund be withheld The above poster was incorrect in saying that private student loans can't cause your wages to be garnished. They CAN (and, so can credit card debt, by the way). Private, non-federal student loans can also cause your tax refunds to be held, etc. Edit-- if you're talking about private loan-- as in a personal loan-- and NOT a private student loan, your credit score will be affected (same with student loans) if you default. Personal loans can also be taken to court to seek wage garnishment, tax refund withholding, etc. |
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