Can the IRS Take Your Incentive Exemption? Must know!

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Nearly 90 million stimulus checks were handed out last week, but many Americans are still waiting for their first two.

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Anyone eligible for the check who did not receive the stimulus money will receive the cash in the form of a Recovery Rebate Credit after filing their 2020 federal taxes.

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The Treasury Offset Program (TOP) is allowed to take money off your tax return for the following reasons:

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1. Tax arrears of previous years, if any.

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2. Past due federal student loans.

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3. Past due court-ordered child support payments, if any.

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4. Outstanding debts with other federal agencies.

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5. Past-due state income tax, if any.

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6. You will have to pay back unemployment compensation, if any.

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Can the IRS Take Your Incentive Exemption? Must know!

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