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Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

 
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9 Replies
JohnB5677
Expert Alumni

Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

I may be out of touch, but what is TOP?

 

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Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

The current specs on the 2020 stimulus checks have not been agreed on yet ... however stimulus checks in the past have been taken for outstanding tax bills.  

Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

Treasury offset program 

LeonardS
Expert Alumni

Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

"Past-Due Debts: The credit cannot be reduced for certain unpaid debts, including debts owed to a federal agency (excluding child support), past-due state income taxes, federal taxes, or unemployment compensation debts". Ref: Congressional Research Service COVID-19 and Stimulus Payments to Individuals: Summary of the 2020 Recovery Rebates in the March 22 ...

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Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

Note the work "proposed" on this information that is several days old ... that proposed legislation was not approved and had been modified since then ... until the Pres signs the law into play and the powers that be can issue directives and forms everything is just a guess.  Don't expect the money anytime soon ... those checks could take a month or 2 to be issued ... if it happens sooner be happy but don't plan on spending it until it is in your hands. 

Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

The offset isn’t for past taxes it is for a federal student loan.

LeonardS
Expert Alumni

Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

Since the CARES Act is still working its way through Congress and has not been signed into law, there are some questions that can't be answered definitively at this time. Please check for updates here TurboTax Corona Virus Update Center and here IRS Corona Virus Update Center.

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nluberis
New Member

Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

Is there any update on this. I want to know if I can now file and my offset will be ignored so I can get a refund 

Will the TOP still offset my currently filed taxes for this year? Or is there something in the stimulus package that is going to stop the offsets?

I doubt they will ever forgive prior year tax debts ... only thing I have heard is they stopped taking the refund for past due federal student loans only.  https://www.irs.gov/coronavirus

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