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3 Reasons The IRS Can Keep Your Tax Refund

3 Reasons The IRS Can Keep Your Tax Refund

When you file your income taxes and it shows that you are owed a refund, it doesn’t necessarily mean you will get the money. There are certain situations where the IRS will keep your refund.

Key Insights We Will Discuss

-The IRS will keep your refund if you or your spouse owe federal or state taxes.
-If you or your spouse owe other debt, the IRS can keep your refund.
-The IRS can keep your refund if it thinks you made an error on your return.

You Owe Federal Or State Taxes

-One reason you may not receive a refund from the IRS is if you – or your spouse – owe back taxes. The IRS will keep the refund and apply it towards the past debt.

-If your spouse accumulated an IRS debt before you were married, the agency will still keep your joint refund to pay the past taxes he or she owes.
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The Individual Shared Responsibility Provision and Your 2015 Income Tax Return

The Affordable Care Act requires you, your spouse and your dependents to have qualifying health care coverage for each month of the year, qualify for a health coverage exemption, or make an Individual Shared Responsibility Payment when filing your federal income tax return.   If you had coverage for all of 2015, you will simply check a box on your tax return to report that coverage.

However, if you don’t have qualifying health care coverage and you meet certain criteria, you might be eligible for an exemption from coverage. Most exemptions are can be claimed when you file your tax return, but some must be claimed through the Marketplace. Read more