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Re: IRS------OID

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  • Phil D
    John, The Original Issue Document (OID) is well covered on the Redemption By Method (RBM) web site here
    Message 1 of 2 , May 17, 2013

      The 'Original Issue Document' (OID) is well covered on the 'Redemption By Method' (RBM) web site here (http://groups.yahoo.com/group/RedemptionByMethod/?yguid=433946341).

      As for the Internal Revenue Service (IRS), and your Social Security check, see this;
      This is the statement I was advised to include: "I understand that Congress passed a law, 42USC 407, which protects social security checks. That law reads:


      § 407. Assignment of benefits

      a. In general

      The right of any person to any future payment under this subchapter shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this subchapter shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law.

      b. Amendment of section

      No other provision of law, enacted before, on, or after April 20, 1983, may be construed to limit, supersede, or otherwise modify the provisions of this section except to the extent that it does so by express reference to this section.

      c. Withholding of taxes

      Nothing in this section shall be construed to prohibit withholding taxes from any benefit under this subchapter, if such withholding is done pursuant to a request made in accordance with section 3402(p)(1) of the Internal Revenue Code of 1986 by the person entitled to such benefit or such person's representative payee.

      Hope you find this helpful

      --- In tips_and_tricks@yahoogroups.com, "johnjjjj1970" johnjjjj1970@... wrote:

      Has anyone had any experience with the OID process? The IRS is garnishing wages and Social Security to get repayment of OID refund. Any thoughts?
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