If you owe the IRS,will you get a rebate check or will they take it?
January 25, 2009 by Tax Blog
Filed under Questions & Answers
Tim W asked:
I have heard that the rebate checks couldn’t be taken by the IRS ,it is money to do as you please from the government,is that true or a lie.
I have heard that the rebate checks couldn’t be taken by the IRS ,it is money to do as you please from the government,is that true or a lie.
Bob F on Tue, 27th Jan 2009 7:06 am
The IRS will take it to settle any back taxes or other offsets that they have against your for overdue student loans or for back child support, etc. and give you any left over.
Wouldlike2know on Wed, 28th Jan 2009 10:37 pm
Your payment may be less than the maximum for one or more of the following reasons:
* You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
* You are married and your net income tax liability is less than $1,200.
* You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
* You are married filing a joint return and your AGI is more than $150,000.
* You owe back taxes.
* You have non-tax federal debts such as unpaid student loans or child-support obligations.
Around the same time you receive your payment, you will receive a notice from the IRS explaining how your payment was figured. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts.