Just to confirm once and for all...

[lolasaurus]

Does getting your tax return count against your 6 month income lookback for the means test?

Sorry, I know there are a lot of similar questions here and I truly don't mean to repost stuff and waste your time.

My understanding is that it does NOT, since it's really a refund on pay that you already got, that was paid into the government. If I am wrong, I need to restart our 6 month timer though.

[SubPrimeME]

Does getting your tax return count against your 6 month income lookback for the means test?

Sorry, I know there are a lot of similar questions here and I truly don't mean to repost stuff and waste your time.

My understanding is that it does NOT, since it's really a refund on pay that you already got, that was paid into the government. If I am wrong, I need to restart our 6 month timer though.

No, I would believe that it's part of your salary therefore not included as additional income. The one thing I would mention is to try to exempt the tax return, how much are you expecting?

I won't preach- if it's a lot, but if it is, PLEASE adjust your dependents accordingly- no need to give the governemt more money during the year.

[eddiep]

my lawyer said it is not income but it is an assett that can be protected by exemptions. My lawyer also told me that if I recieve it before I file I can spend it on necessary expenses.

[lolasaurus]

I already got mine and spent it last month (catching up on the bills and reloading the fridge - $3k didn't go very far, unfortunately), so I'm not worried about them taking it.

I just don't want to wait.

I went through the means test forms again (the ACTUAL means test), and if I'm reading this right, there is no presumption of abuse in my situation RIGHT NOW. I also think that I'm now 90+ days out from CC usage, with payments on all of them this entire time, although I need to verify the CC usage thing. I think there may be a few subscription type charges on them, and I think we had to use one to hit up the grocery store, so that might be bad. :\

Anyway, based on this info, I'm thinking we might be ready. Now. That would be AWESOME.

[lolasaurus]

Although, obviously, I'd wait till after the 15th to file so I can use the new numbers.

[eddiep]

Although, obviously, I'd wait till after the 15th to file so I can use the new numbers.

What do you mean? April 15?

[eddiep]

I hear you though, I can't wait to file. I just want this over and done with. Unfortunately I am trying to get a modification on my mortgage done and my lawyer wants this done before we file. Hopefully Obama will help me out! And put an end to this nightmare!

[lolasaurus]

What do you mean? April 15?

March 15th is when the new median income/expense numbers become effective

[eddiep]

Oh yeah! Does that help you?

[lolasaurus]

Oh yeah! Does that help you?

The median income change doesn't help me (at least if it does, I don't see how it plays into the math) but the increase in expense allowances does somewhat.

My wife and I sat down last night and went through the Schedule I/J, and the means test. I'm at work now so I don't remember specific numbers, but on the means test we're -160/mo, and on the schedule J, we're about -166/mo

I'm concerned, naturally, that I'm doing it wrong and claiming things I'm not allowed to claim, but I think it's pretty legit.

How strange is it to realize that you are insolvent and be happy because the whole mess might finally be able to come to a close?

[OhioFiler]

The median income change doesn't help me (at least if it does, I don't see how it plays into the math) but the increase in expense allowances does somewhat.

My wife and I sat down last night and went through the Schedule I/J, and the means test. I'm at work now so I don't remember specific numbers, but on the means test we're -160/mo, and on the schedule J, we're about -166/mo

I'm concerned, naturally, that I'm doing it wrong and claiming things I'm not allowed to claim, but I think it's pretty legit.

How strange is it to realize that you are insolvent and be happy because the whole mess might finally be able to come to a close?

Insolvency is a wonderful thing!

Seeing a solution is what really sets one at ease. We look back at all the stressful living over the last couple years wondering all the time if we'd be able to afford our bills.

[fyrace]

Tax Refund Split

This is an odd question to see if anyone knows. I just filed my taxes and will receive a $5900 refund. I elected to have deposited $2000 (which I will not claim as income) and elected to have the other $3900 deferred for next years taxes as I am not going to have all kinds of deductions I have had in the past (1st, 2nd mortgages...etc).

Has anyone done this and have results? I am assuming the worst case scenario is that the trustee can stake a claim to the $3900 and make me pay next year, but:

1)what I don't get a return next year, do I have to pay out of pocket?
2) Can the trustee make me "refile" and ask for that money now?
3) The money I got now, and spent mostly on home expenses, do I just not claim that anywhere (other than let the trustee know) because it is no longer an asset (spent) and is not income?

Thanks for the help!