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Author: admin | Category: Lease Car Calculator | Date: 28.11.2014

Retirement ┬╗If creditors and debt collectors are hounding you for money, you may wonder: Can Social Security be garnished? Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. 7 in 10 registered voters say that Social Security benefits should not be cut in any way, according to a March survey by the Pew Research Center.
We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on certain links posted on this website.

Check it for free at myBankrate.The federal government can garnish your benefits for repayment of several types of debts, including federal income taxes, federal student loans, child support and alimony, nontax debt owed to other federal agencies, defaulted federal home loans and certain civil penalties.
Via the Federal Payment Levy Program, Social Security benefits are subject to a 15 percent levy to pay delinquent taxes. The government can shave off up to 15 percent, provided your remaining monthly benefit doesn't drop lower than $750.Delinquent child support and alimony cases are processed through the national Court Ordered Garnishment System. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. Unlike nontax debts to other agencies, for which the first $750 of your monthly benefits are off-limits to garnishment, the IRS can take its 15 percent cut, regardless of how little money you're left with. In these situations, the maximum reduction to your benefits depends on the state where you live.

We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink. Lump-sum death benefits and Social Security benefits paid to children are not subject to this levy.Once the IRS has sent its final notice of an intent to levy, you have 30 days to make payment arrangements before the agency starts docking your monthly benefits.

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