Income lookback Question

[mid123]

The lookback period is the previous 6 months worth of income, correct?

So if I filed in May they would look at Nov 08- Arpil 09, according to my paydates that would only be 25 weekly pays. I always thought it ended up being 26 weekly pays in the lookback period. Anybody have any thoughts on this.

[trueblues]

Someone please correct me if I'm wrong, but its my understanding they look at entire months, not particular dates. All of November and April would be included.

[mid123]

Sorry for any confusion, Maybe it should read Nov 2008 - April 2009, that is what I meant. I get paid on Fridays so every time I look that is only 25 pay periods. Last pay in October was the 31st so my first pay in November was the 7th.

[jessegirl]

For you it would be Dec 2008 thru May 2009.

[browneyes]

If you filed in May it would be, from my understanding, income RECEIVED between 11/01/08 and 04/30/09.

[momxx5]

A few things to keep in mind.....

While the "lookback" for income is 6 months, included in that was the pay stub of December 2008 which showed year-to-date income. Plus we had to give 2 yrs of IRS Federal Income tax statements, so that also showed previous income.

In not sure how those number play into it all, but just be aware that the income numbers will be out there for the Trustee to see.

Check with your atty to what is the best approach.

Since my DH took a large pay cut and then lost his job our atty suggested waiting until Dec pay is not included in the lookback. Also the income shown on the Fed tax filing is no longer income due to job loss.

[kenshirley]

Our attorney told us it was monies received within a given month, not when earned so that's what they got from us.
Sometimes even being paid every two weeks you still get 3 checks in a calendar month.
No questions whatsoever at the 341 about it either.

[poorold]

mid123,

you are correct. the six month period ending April 30, 2009 is unusual in that it is about the only six month period that DOES NOT include a month with 3 paychecks for people paid bi-weekly.

I noticed that because I am filing this month, but have been evaluating our six-month income for several months now.

The income for the six months is only relevant when it come to determining your average monthly income for the Means Test.

Those paid bi-weekly and filing this month simply have an easier time passing the Means Test.

[JoeBankrupt33]

Just to be perfectly clear, those filing during May 2009 will calculate their income for the means test based on paychecks issued Nov 1, 2008 to April 30, 2009. You will go by the day date listed on the paycheck regardless of when you actually received it or deposited it.