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Level 1
posted Mar 24, 2020 10:06:09 AM

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
Expert Alumni
Mar 24, 2020 10:27:50 AM

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

 

Level 15
Mar 24, 2020 10:34:49 AM

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.  

Level 1
Mar 25, 2020 12:23:51 AM

Treasury offset program 

Expert Alumni
Mar 25, 2020 8:41:24 AM

"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 CARES Act

Level 15
Mar 25, 2020 9:41:41 AM

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. 

Level 1
Mar 27, 2020 7:56:58 AM

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

Expert Alumni
Mar 27, 2020 10:22:54 AM

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.

New Member
Apr 2, 2020 4:48:59 PM

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 

Level 15
Apr 2, 2020 6:20:30 PM

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