I'm an idiot please help!!!!

[mindyandy420]

I have posted regarding tax refunds. I am expecting around $4000 back next year. I plan to file within a few weeks. I have looked up the Washington state exemptions and the federal exemptions and in Washington we can use the "wild card" up to $2000. Federal I think looks better....right?


Could someone look this up for me.....I just dont understand....I'm an exemption idiot.

[Nicollette]

Have you had a consultation with an attorney yet? Maybe he/she can advise what is best in your situation.

[JRScott]

You need to look at the total picture. You have to choose either Federal or Washington and use that for all exemptions you can't pick and choose for each item.

It is likely that at this stage you will lose some of your tax return. Just accept that. I know its hard to see the money go away but its better to lose a couple thousand and discharge however much you need to and get on with life than to try to cling to it and make the situation worse.

[danaf]

or you can wait to file until after you file your taxes. get the refund....spend most of it and then file. this is what I did. well, actually, I waited until after I got the tax stimulus. And believe me, if I hadn't spent it - the trustee would have taken it.

[TEW]

You need to look at the total picture. You have to choose either Federal or Washington and use that for all exemptions you can't pick and choose for each item.

It is likely that at this stage you will lose some of your tax return. Just accept that. I know its hard to see the money go away but its better to lose a couple thousand and discharge however much you need to and get on with life than to try to cling to it and make the situation worse.

JR is right you will drive yourself nuts worring about 2K
here another thing why are you getting 4 k back what could you do with $333.00 every month. why are you letting them have your money for a year.
you are having way to much taken out of your pay.
You need to diside how you are going to file. BK planing is a must and you need to know what your going to do even before you see a lawyer.

[mindyandy420]

i am

gonna talk to my lawyer today about this. I dont have anything worth of value besides my tax refund. I'm hoping I can exempt it under federal exemption unused homestead portion.
Has anybody been in this situation and were able to save their refund under the exemption?

[mmenz22779]

you would first have to have the refund in the bank, it is not going to protect future monies recived. File first get the refund then either spend it on living costs or include it in your exemptions.

[mindyandy420]

talked to my attorney

He said he can exempt upto $20,000 so this means he can exempt my tax return estimating the same amount we got back this year....YEAH....
He also said my car after filing has a 45 day auto stay so I dont have to worry about them taking it until around 40 days then we can work it out of where to drop it off.

[JRScott]

Glad to hear you can exempt the refund