Tax Refund Question

[chloe0724]

I filed the 13 in my name only, and my BK judge requires that anything in excess of 250 bucks is turned over to the trustee. Does that mean 250 of my portion of the return, or the whole amount?

[justbroke]

You'll have to turn over the entire check. The Trustee will then decide how much to give you back. If they said it's everything over $250.00, then you should expect $250 back from the Trustee.

This could vary by your district, and if you get direct deposit, I'd just subtract the $250.00 before sending in certified funds to the Trustee.

[chloe0724]

I think I am going to adjust our deductions. I'd rather owe a little than have to give it back.

[Tbornetun]

I think I am going to adjust our deductions. I'd rather owe a little than have to give it back.

Why? It doesn't make sense to me to pay into the IRS instead of having a trustee take a portion of the tax return. I would file it as is and collect your $250.

[chloe0724]

Becuase if I owe anly a small amount, then I am getting more each paycheck. It goes into my pocket.

[Tbornetun]

I see, change it now before the tax year is over. Nevermind, I thought you were in the midst of doing your returns. Ignore me.

[ccgirl]

Be careful about changing your deductions. My info from my trustee says that deductions cannot be changed without his approval. I have to turn over $1601. He got that amount from looking at last years return and dividing it in half. My husband did not file bankruptcy with me so he allowing my husband to keep his share of the return based on last years taxes.

[gregorino]

Economic Stimulus $$$

How about the Economic Stimulus money sent out last April/May? I'm getting set to file Pro se in Florida, and the state exemptions include "Federal income tax refund or credit." So far in the process, and I'm up to schedule F following the NOLO book, I haven't seen anywhere applicable to even mention the stimulus money and refunds, other than line 1 on Form 22c. But I did not include them there, as the state has exempted them and they would be inflating my MDI if I did include.
Thoughts on this would be welcome!

[justbroke]

How about the Economic Stimulus money sent out last April/May? I'm getting set to file Pro se in Florida, and the state exemptions include "Federal income tax refund or credit." So far in the process, and I'm up to schedule F following the NOLO book, I haven't seen anywhere applicable to even mention the stimulus money and refunds, other than line 1 on Form 22c. But I did not include them there, as the state has exempted them and they would be inflating my MDI if I did include.
Thoughts on this would be welcome!

I'm a pro se filer in the same State.

The economic stimulus money is a tax rebate. Hence it falls under the Internal Revenue Services code and should be exempt like all other "credits" under F.S. 222.25(3). As far as is it income or not, the answer is no. The Economic Stimulus checks are not income. The IRS does not issue 1099-Rs for them!

So, ignore the stimulus. The economy did.

[chloe0724]

My paperwork says nothing about changing deductions, onlu about turning over anything above $250.

Also, our income from the time we filed and were confirmed to now has been reduced by 8k.

[gregorino]

UnStimulated

I'm a pro se filer in the same State.

The economic stimulus money is a tax rebate. Hence it falls under the Internal Revenue Services code and should be exempt like all other "credits" under F.S. 222.25(3). As far as is it income or not, the answer is no. The Economic Stimulus checks are not income. The IRS does not issue 1099-Rs for them!

So, ignore the stimulus. The economy did.

LOL...Thanks JB!