Median Income - 6 month look back

[UpsideDownMI]

Since I get paid bi-weekly I actually benefit from the 6 month look back, but I have to file in May to be under the median income for a house of 5 in Michigan. By filing in May my income for the 6 month look back will be nearly $3,400 less than it would be if I filed in April or June. This is because in October '08 and this coming May I receive 3 paychecks, and all other months I receive just 2 paychecks. This puts me over 3k below the income verse being almost $400 over. The only downside for me is that I have to put up with the collection calls for another 6 weeks. LOL.

[justbroke]

Now that is what I call Bankruptcy pre-planning!

[JoeBankrupt33]

This actually happened to me too. I had to postpone filing because I had 2 months with 3 paychecks. This won't happen to me again until the year 2020. Anyhow, the extra paycheck put me over the mean.

I know waiting stinks, but you'll probably be better off to wait until May.

[OhioFiler]

Thanks for pointing this out!

I had to look over the pay schedule for my bi-weekly paid wife to see what happens when we file in July. We're okay as May is the only month she has 3 checks. I don't think we could tolerate 2 months like that in our look back period as we're close to the median.

[kingred]

I never even thought of that little trick, thanks for sharing!

[fyrace]

I'm filing May as well for the same reason. Drops my monthly ave several hundred dollars for both me and my wife. I'm under either way, but gives a bunch of leeway for being an over median filer, should questions arise. This also helps on your schedule I and J for DMI.