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Submitted By: Martin
Answered: August 5, 2016 4:12 pm
Answered: August 5, 2016 4:12 pm
I’m currently under an installment agreement to pay an outstanding tax bill to the IRS. For 2015, I’m owed a tax refund. Can I collect it?
Probably not. As part of the installment agreement, you agreed to have any future tax refunds applied to your outstanding bill. Of course, if the amount of the refund exceeds what you still owe, you’ll satisfy the installment agreement and receive the balance of your tax refund.
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
