What are my choices when I file my taxes? W5 form?
I realize this is a popular topic, so I'm sorry if this has already been answered. I did search before I posted. I filed Chpt 13 in April 09, and this will be the first time I've filed taxes after bankruptcy. I have a few questions. Last week the law secretary and I were discussing my tax refund. I told her it's crappy that I wouldn't get any of the money. She told me to wait til I talked to lawyer to file, because there was a certain way to file. I thought YAY, maybe I could get some of the money! Lawyer said that the trustee on my case would more than likely take the entire return if it's over $2000, so I should file a W5. I've looked on the IRS website and the way I understood the W5 was that it's a way to get the refund in payments over the next year. Those are all the options I have? Either the trustee takes entire refund, or file W5 that will make my income go up, thus increasing my payments. How exactly are either of those choices beneficial to me? I'd rather just let the trustee take the whole thing than increase my payments. Is there anything else I could do here, or is this it?
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I am in Texas as well as this being the first time for me to do taxes after filling. My understanding is that the Trustee will get anything over $2000. I am going to continue using Turbo Tax as I have been. I will also make changes this year so I will have less taken from my checks in turn having smaller returns in the future.
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