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| I hope someone out there can clear this up for me. I recieved a letter from the IRS stating that I would recieve a stimulus check...even my tax man confirmed that I would...but I have not! I was ... |
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Cabe | If my rebate check automatically goes to paying off my IRS debt, do I still need to make this month's payment? |
I am currently sent up with the IRS on monthly payment plan to take care of some back taxes from '07. I know that the 08 tax rebate/economic stimulus check automatically goes towards any debts you have with the gov't like school loans and child support.
That's fine with me if they pay my back tax balance with it, but I am confused about what is still required of me this month. I am set up to pay the IRS $500 every 15th each month. If my check is credited to my balance this month do I still have to make my regularly scheduled IRS back tax payment this month or does the automatic use of my Tax refund amount by the IRS count as making my payment for this month? I hope so, having a month off from the $500 due would give me a chance to get some much needed rest and time and $ to catch up on other bills etc.
Funny thing is, if I did actually get the check, I was going to use it to pay off my $500 IRS debt payment anyway, now they may take that to pay my debt and then ask for another $500! |
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bostonianinmo
 |
Yes, you MUST make this month's payment. Read your agreement. It explicitly states that any refunds are captured to offset your debt AND that even if there is an offset, you MUST make your scheduled payment. |
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Judy1
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If the rebate completely paid off what you owe, then no you don't have to send your payment, but if you still have a balance owed, then yes you do have to make your payment this month.. |
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chatsplas
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Absolutely.
You may not have to make your last payment, but make your regular monthly payments.
Well it's free money anyway, not coming out of your pocket. . . .so it's not really taking anything away from you and it's helping your tax liability decrease. |
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lexus2cute4u2004
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i am in the same boat as u they took mines but we still have to do a payment if not will have to redo everything all over cause of u miss a payment |
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Ms. Angel..
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READ YOUR INSTALLMENT AGREEMENT TERMS AND CONDITIONS: IT clearly states that any and all future refunds will be offset to your debt, and also states that you must still make you monthly payment timely, or risk default and then be requested to full pay the amount due and or reinstate Installment agreement and be charged a reinstatement USER FEE of $45.00 |
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Bob F
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Even though they will take the stimulus check and apply it to your offset, you DO NEED to make this month's installment, or they will consider you behind. I know it would be nice to be a couple of dollars ahead but they will consider this month's payment missed if you don't make it, and it really will help a lot not to miss even one installment payment. The good news is that the stimulus check will make it so you finish one month earlier than you would have otherwise! |
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johnsontinaa
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yep |
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anthony w
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this answer is not so much about your rebate, but the amount you are paying each month, at one point I owed the irs around 15,000 and I was paying them back also to the tune of 500.00 a month. I set up an appointment and went down to the irs in person with all my paperwork. They reduced my monthly payment to about 150.00 a month and also elininated about 50% of the interest charges. Needless to say they took my tax return money for about 5 years but I was able to live without worrying about the other bills all the time. The first time you set up a payment plan they try to get as much out of you a month and even threatened to put a lein on my home( I think they are trying to scare you to get the most they can out of you a month) However most of the time time if you are aggressive enough they will reconsider and work with you. I am not sure what your financial situation is but 500.00 a month is excessive. Best of luck, been there |
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LyndaV
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I have had federal tax overpayments for the last two years, but neither one has shown up on my Annual Installment Agreement Statement. Am I supposed to file some type of form that I don't know about? Or is a trip down to the nearest office in my future? |
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