Tax Return

[Faust]

Expecting tax return over $2500.00. Should we file now or wait until after the refund is received?

Will the refund count as income?

Thanks!

[justbroke]

Refunds generally count as income in most Districts. Whether you should wait or not... will depend on whether you can exempt the anticipated refund.

[Faust]

So the tax refund would be used in the means test?

[justbroke]

So the tax refund would be used in the means test?

As posted earlier, this depends on your District. Some Districts require that the average refund be divided by twelve and added to your monthly income. Some attorneys do this just to protect your refund.

Remember, a refund is a overwithholding of taxes, so that overwithholding is, in fact, income... since the BK Schedules have you take a deduction for payment of income taxes.

[Faust]

I'm in WI. Do you know what district that might be or how I could find out?

Thanks!

[justbroke]

Well it would be the Eastern or Western Wisconsin District based on where you live. You can search for that name to see which areas each of them cover.

This may help you... but I don't endorse this oterh website nor have I validated any information on there... http://www.ehow.com/about_5409809_ba...wisconsin.html