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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
