Ask Experts Questions for FREE Help !
Ask
    AnnetteLove's Avatar
    AnnetteLove Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 3, 2014, 09:48 AM
    Can IRS take money from my school loan disbursement?
    I am currently being audited, I havae until the 21st of April to submit my evidence.
    I am due a school loan disbursement on the 15th of this month. Will IRS put a hold on my disbursement?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 3, 2014, 11:39 AM
    No, because the loan is NOT considered to be income, but rather a loan that eventually will be paid back with interest.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401K Loan - Termination - Disbursement - State Income Tax [ 2 Answers ]

In 2006 I took out a $45K loan from my 401K to purchase a house in Florida. 4 years later I transferred to Colorado and was laid off in 2012. I could not pay off the loan but since I was 60 I simply told them to treat it as a disbursement. I don't mind paying the federal tax, but do I have to...

My school hasn't withheld federal taxes for me and I owe money to IRS. [ 1 Answers ]

I've been in the US from 2006 and my treaty status lasted till 2010. I have received a 1042-S form from my school stating that there were 0.00 federal taxes withheld for 2010. In 2009 I had almost $2300 withheld. I'm an international student on the full scholarship. For 2010 I owe almost $2000 to...

Is a wells fargo education loan a real school loan? [ 1 Answers ]

I am filing bankruptcy due to hard finical times. When I was in school my grandparents co signed on a wells fargo educational loan for me. I don't want it to effect their credit. All school loans are not allowed in a bankruptcy. Is this one a "real" school loan I want to countinue making the...

Disability student loan IRS [ 1 Answers ]

I became totally disabled about 2 years ago. 100% SSDI and 90% VA with unemployability so I collect 100+ %. I also have an Air Force pension. Due to my not being able to work and support our farm (we were losing money), we ended up in chapter 13 bankruptcy with a 36 month pay back. I had...

Can IRS take student loan money [ 1 Answers ]

I owe back taxes. I am a full time student. My only income is Montgomery GI bill money, which is not taxable and student loans. Can the IRS take this money?


View more questions Search