I received a notice already stating how much and when I will be getting from the IRS, but I’m wondering if that is how much I am supposed to get or how much I am getting. My husband has student loans in deferment right now and I thought they would withhold for that but they say I’m getting 1200 mailed on the 16th. Does anyone have more info on this.
They will withhold the stimulus check for student loans in default which means that the borrower has failed to make the payments for an extended period of time.
Student loans in deferment just means that the repayment period has not yet started. They will not take the stimulus payment to cover deferred loans.
Yes you do get a letter if your check is offset, but it would be separate from the letter you got, and could come a few days after the payment was due.
If his loans are in deferred status and not default, though, you should get your money.
According to the IRS website, they say that if its a FEDERAL student loan, they will deduct any fees off of your stimulus. You will receive a touch either with your check or separately stating if anything was taken out.
Yes, you will be told by the IRS if your stimulus payment is being withheld, but ONLY after the payment has been scheduled for processing. If you’ve an outstanding tax burden or student loan, the stimulus check will be applied to the balance owed on these first, with anything leftover (if at all) being forwarded to you. A notice of explanation about the reduced amount of your anticipated payment will stay on in roughly two weeks’ time.
With respect to deferred student loans, you should receive the stimulus payment as expected, as the loan would not be earmarked for payment at this time.
Hope this was helpful and best wishes!