So, I had a question. In my confirmed CH13 plan, it states the following:
"The Debtor shall tender to the Trustee the amount of any tax refund in excess of $1200 each year within 7 days of reciept of tax refund. Refunds must be received by the Trustee by June 15th of each year".
So does this statement mean anything under the $1200 threshold for my refund is what I can keep? Only reason I'm asking is because I just did a tax refund estimator calculator on one of the online sites and it states that I should be due a refund of about $1250 bucks. Does that mean I have to turn in the entire $1250 or just $50 (since $50 is the excess amount of the $1200 threshold)? Maybe this is a dumb question (probably is).
Just dont want to get in trouble. Please advise!! Thanks guys (and gals).
"The Debtor shall tender to the Trustee the amount of any tax refund in excess of $1200 each year within 7 days of reciept of tax refund. Refunds must be received by the Trustee by June 15th of each year".
So does this statement mean anything under the $1200 threshold for my refund is what I can keep? Only reason I'm asking is because I just did a tax refund estimator calculator on one of the online sites and it states that I should be due a refund of about $1250 bucks. Does that mean I have to turn in the entire $1250 or just $50 (since $50 is the excess amount of the $1200 threshold)? Maybe this is a dumb question (probably is).
Just dont want to get in trouble. Please advise!! Thanks guys (and gals).
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