I am a self-employed small business owner. I have a child support case from a few years back that has a small amount of back support due that I pay towards every month. I am expecting a child with my wife this month. Every year so far, we have had to pay in self employment taxes to the IRS (Federal only, no state taxes here). For 2014, I will owe about $1400. Next year, because of my child with my wife, we will finally qualify for the EIC of about $3500 on our 2015 taxes. I imagine the self-employment taxes will be about the same, which would get us a refund of about $2100, but the IRS will intercept this due to my back support.
My question is, if I do not pay in the $1400 this year, will they take my refund for next year to apply to the tax debt instead of the child support?
I am not worried about the back support because as I said, I am making payments towards it and it will be gone soon, but with a new child coming and other unforeseen expenses we had this year, coming up with the $1400 is going to be tough, so if this would work, I'd rather use the refund next year to pay for it.
Are there any other penalties (credit reporting, bank levys, etc.) that the IRS could/would impose for being one year late on paying?
Thank you in advance for any help.
My question is, if I do not pay in the $1400 this year, will they take my refund for next year to apply to the tax debt instead of the child support?
I am not worried about the back support because as I said, I am making payments towards it and it will be gone soon, but with a new child coming and other unforeseen expenses we had this year, coming up with the $1400 is going to be tough, so if this would work, I'd rather use the refund next year to pay for it.
Are there any other penalties (credit reporting, bank levys, etc.) that the IRS could/would impose for being one year late on paying?
Thank you in advance for any help.
Federal Taxes: Not Paying Taxes This Year So They Take My Refund Next Year
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