Will IRS take my 2023 refund if I'm already on payment plan for back taxes?
I set up a payment plan with the IRS for taxes I owe from a previous year. Been making all my payments on time. Now I'm wondering if they're still going to keep my refund this year even though I'm already paying them back through the installment agreement?
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Giovanni Gallo
Yes, the IRS will still offset (keep) your refund even if you have an active installment agreement. Any refund you're entitled to will automatically be applied to your tax debt. This is standard procedure and happens regardless of whether you're making regular payments. The good news is that it'll reduce your overall balance faster.
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Amara Adeyemi
•ugh that sucks 😤 but thanks for letting me know! saves me from getting my hopes up
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Fatima Al-Mazrouei
•same boat here. lost my refund last year even tho i was paying monthly. its rough out here 😭
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Dylan Wright
Hey! You should check out taxr.ai - it's this new tool that analyzes your transcript and tells you exactly what's happening with your refund and payment situation. It costs like $1 but its totally worth it. I was confused about my payment plan too and it cleared everything up https://taxr.ai
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NebulaKnight
•fr? how does it work? does it just read the transcript or what
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Dylan Wright
•nah its actually crazy smart! it breaks down everything - payment plan details, refund offsets, dates, codes, everything. gave me a timeline and everything. best dollar i ever spent fr fr
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NebulaKnight
•just tried it and holy cow 🤯 where has this been all my life?! way better than trying to decode these transcripts myself
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Sofia Ramirez
word of advice - adjust your w4 withholding so you break even instead of getting a refund. no point giving irs an interest free loan if theyre just gonna keep it anyway
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Dmitry Popov
•this is the way 💯
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Ava Rodriguez
unpopular opinion but the offset actually helped me pay off my back taxes way faster than just the payment plan alone would have 🤷♀️
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Miguel Ortiz
yall remember when they paused offsets during covid? those were the days 😪
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Zainab Khalil
•bruh dont remind me 😭
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QuantumQuest
wait u can set up payment plans? ive been dodging them like neo in the matrix lmaoooo
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Giovanni Gallo
•bro stop playing with the irs 💀 call them and set something up before they come for your soul
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