What Is The IRS Statute Of Limitations?
When it comes to dealing with student loan debt, timing is everything. For those who owe money on their loans and are expecting a tax refund, they may be concerned when the student loan company takes their refund. It's important to understand the process and the timing considerations that come along with it.
First, if you have defaulted on your student loans, your federal tax refund will be taken by the Department of Education or its contractors without warning. The amount taken from your return will depend on how much has been owed for a certain period of time determined by federal law. Funds can be taken from both single and joint returns. It’s important to remember that there is no appeal process for this type of seizure – once it happens, it cannot be reversed or returned in any way.
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