Q: Will my tax refund get taken if the school I attended was closed down due to legal matters
The credits earned can’t be transferred anywhere
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A:
If your tax refund is at risk of being taken, it usually relates to specific debts like federal student loans, child support arrears, or outstanding taxes. The closure of your school due to legal matters, in itself, should not directly lead to your tax refund being taken. However, there are some indirect scenarios to consider.
For instance, if you have federal student loans and the school closed, you might be eligible for a loan discharge, which could impact your tax situation. It's important to understand that the discharge of some types of student loan debt could have tax implications, potentially affecting your refund.
If the school closure left you with non-transferable credits and you are facing financial difficulties as a result, it's crucial to address any potential defaults on federal student loans or other debts that could lead to a tax refund offset.
To get a clear understanding of your situation, especially considering the unique circumstances of your school's closure, you might want to consult with a tax professional. They can provide personalized advice based on the specifics of your case and help you understand how different factors might affect your tax refund.
Remember, keeping informed about your financial situation and seeking advice when necessary can help you navigate complex issues like this.
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