In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
If one’s total debt for the present year is deducted from one’s total savings and only if the excess savings is more than the Zakat Nisab, zakat will be payable on this excess savings.[1] If there is no excess savings, then Zakat is not payable.
And Allah Ta’āla Knows Best
Mufti Saeed Ahmed Golaub
Islamic Solutions
Jamaica
References
[1]: وَهَذَا إذَا كَانَ الدَّيْنُ فِي ذِمَّتِهِ قَبْلَ وُجُوبِ الزَّكَاةِ، فَلَوْ لَحِقَهُ بَعْدَهُ لَمْ تَسْقُطْ الزَّكَاةُ لِأَنَّهَا ثَبَتَتْ فِي ذِمَّتِهِ فَلَا يُسْقِطُهَا مَا لَحِقَ مِنْ الدَّيْنِ بَعْدَ ثُبُوتِهَا جَوْهَرَةٌ- الدر المختار وحاشية ابن عابدين (رد المحتار) (2 / 260)