Can you file taxes early?

[mindyandy420]

We use H&R block every year. I was wondering if we can file taxes in November? We would like to get our taxes back before we file that we can use it under the federal tax exemption unused homestead portion....
If it sits in my bank account and we file and use the federal wildcard exemption does this mean they cant touch it?

[endisnear]

i don't think so, you don't have your w-2 yet, nor is the year over. H&R Blocks by my house aren't even open right now.

[hopeforus]

You can't file for a year that isn't even finished yet I couldn't imagine anyway!

[mindyandy420]

what if

I know about how much we are getting back. Since i know this can i put this in the federal wildcard exemption unused homestead before i actually have it in my account?

[Nicollette]

How could you file your taxes in November for '08' and the year isn't even over yet? I wouldn't even think the IRS would accept any filed taxes yet. The more I think about it, when I use to use H&R Block for rapid anticipation loan for my refunds, H&R Block could still file on my behalf with my W2's in early January, but the IRS usually don't start accepting the filings til mid January.

[Nicollette]

I know about how much we are getting back. Since i know this can i put this in the federal wildcard exemption unused homestead before i actually have it in my account?

I'm not familiar with the federal wildcard exemption, but what if they wanted proof it was in your account?

[epiphany]

No. It simply can't be done.

ep

[MNBK7guy]

When you are trying to exempt your next years tax return, you are estimating the amount you think you will get back. If you have plenty of room under the exemptions, it is better to over-estimate by a little. I posted a thread on here about it a week or so ago, and I will post the link to it about where to put it on your schedule.

[MNBK7guy]

I found what I was looking for: I consulted my petition and we filed it on Schedule B line 21"Other contingent and unliquidated claims of every nature, including
tax refunds, counterclaims of the
debtor, and rights to setoff claims.
Give estimated value of each."

Contingent and/or unliquidated meaning you haven't received it yet.

[epiphany]

When you are trying to exempt your next years tax return, you are estimating the amount you think you will get back. If you have plenty of room under the exemptions, it is better to over-estimate by a little. I posted a thread on here about it a week or so ago, and I will post the link to it about where to put it on your schedule.

Can you exempt a tax return for taxes that haven't been filed yet with the year not complete? In a chapter 7?

ep

[epiphany]

MindyAndy420---when are you planning on filing?

ep

[mindyandy420]

I plan

to file here soon.

[MNBK7guy]

Can you exempt a tax return for taxes that haven't been filed yet with the year not complete? In a chapter 7?

ep

Yes, you are exempting an asset you expect to receive. If you know for sure you will be getting a tax refund, this is an asset and would need to be reported to the trustee. You are estimating this amount. Even though the tax year is not complete, most people roughly know what to expect back and maybe add a little onto that amount just to be safe in case you underestimated it.

[epiphany]

Yes, you are exempting an asset you expect to receive. If you know for sure you will be getting a tax refund, this is an asset and would need to be reported to the trustee. You are estimating this amount. Even though the tax year is not complete, most people roughly know what to expect back and maybe add a little onto that amount just to be safe in case you underestimated it.

Okay thanks. Seems a lot of this has to do with the timing of filing. I did a little research and found that they typically start looking for next year's tax returns around August.

I hired my lawyer in January and was never asked about any tax refunds. I filed 8/1 and no one cared.

ep

[epiphany]

MindyAndy420--do you own a home? Do you have a lot of assets? It's really hard to answer your tax exemption question without knowing more about your history but I did just find that Washington has a wildcard exemption which allows the following.

Wild Card - $1,075 of any property plus up to $10,125 of any amount of unused homestead exemption.

If you don't own a home you can use that 10K+ amount to exempt anything, including your anticipated tax return.

You should really sort this out with an attorney. Most of them will give you free consultations. Be sure and write down the questions that are most important to you when meeting with them so that you don't forget to ask anything you really need to know now.

Good luck to you,
ep