Tax refund to be deposited 4/20...should i wait?

[arami008]

Hello again,

I just checked the irs refund status and it says my refund will be direct deposited 4/20. It's only about 1730. I have spent all day yesterday and today finishing up all the paperwork...i am down to 75% complete.

Well my question is should i wait until they deposit it or will filing tomorrow place a hold on the deposit. I listed it on Schedule B and exempted it on schedule c using the wildcard.

Any suggestions...i just want to get this overwith!

[fltoo]

You can do whatever you want with an exempted asset. I don't see how filing is going to affect the deposit.

[AfraidOfBK]

could u use it towrds lawyer fees or spend it down? Do you NEED to file tomorrow? This could give you a good chance to catch up on things or stock up. If you want to save it, does your state have an allowable cash exemption or wildcard exemption? Will it cover it?
In NV, we get 1k each spouse, and we had a 3600 dollar tax return so we spent it down (on Necessary items) and that was in MArch, we are filing in June- July...Lawyer said that was NO PROBLEM at all

[lrprn]

Well my question is should i wait until they deposit it or will filing tomorrow place a hold on the deposit. I listed it on Schedule B and exempted it on schedule c using the wildcard.

Assuming you don't have overdue taxes from previous years that would cause the IRS to not deposit the refund as expected, as long as the refund is exempted, you can file whenever you want.

[arami008]

Assuming you don't have overdue taxes from previous years that would cause the IRS to not deposit the refund as expected, as long as the refund is exempted, you can file whenever you want.

That was my fear, that the IRS may hold it. We really need to fix our car and other necessary expenses. But I have waited this long I will wait until it's in the bank.

I just want to start fresh. I have been unemployed due to my son's bone marrow transplant and now that he is finally better after 3 yrs (thank God!) I want to start working and doing so without BK will result in wage garnishments due to 2 judgements. Well I kind of vented there for a sec. I just can't wait to get my life and my family's life rolling again. I can't tell you how much an illness can put your life on hold and upside down.