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my paycheck is getting garnished do i need to claim it on my taxes its from a auto loan

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hotmoma123

Asked by hotmoma123 at 9:40 AM on Jan. 16, 2011 in Money & Work

Level 2 (9 Credits)
Answers (7)
  • Yes.
    Snewo

    Answer by Snewo at 10:17 AM on Jan. 16, 2011

  • There is no where on the taxes to charge that unless it is used for a business you file a schedule C for. Or it is used for rental property.
    Many years ago interest was deductible, but those times are long gone.
    tootoobusy

    Answer by tootoobusy at 10:17 AM on Jan. 16, 2011

  • No; they take garnishments from your after-tax dollars. The only reason you would ahve to claim it on your taxes is if the lender wrote off a portion; they will send you a form if this is the case.
    Scuba

    Answer by Scuba at 11:02 AM on Jan. 16, 2011

  • Call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
    rkoloms

    Answer by rkoloms at 11:08 AM on Jan. 16, 2011

  • Yes. It's still considered your income.

    m-avi

    Answer by m-avi at 12:11 PM on Jan. 16, 2011

  • Scuba is right. They'll garnish your wages with after tax dollars so there is nothing specifically that you have to do about it. If they wrote off some of the debt, they will send you a 1099 and that will count as income.

    Sorry to hear you are going through this.
    Erica_Smerica

    Answer by Erica_Smerica at 1:40 PM on Jan. 16, 2011

  • Oh, absolutely!
    Liveyourlifeval

    Answer by Liveyourlifeval at 8:39 AM on Feb. 20, 2011

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