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Gross or Adjusted gross?

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    Gross or Adjusted gross?

    I was looking over my past 3 years tax returns in preperation for my visit with a lawyer this week and a question came to me. As far as income is concerned will I be judged on my Gross Income or Adjusted Gross Income? The Adjusted Gross is much lower.

    Or does it even matter, since they will look at 6 months of paystubs. Another questions about pay stubs. Do they care what your net or (take home) is?

    #2
    Gross Income. Even more strict... your gross income in the 6 months prior to the month in which you actually file. So that big bonus 3 months ago... looks bad to the average.

    My 6 month average was $900/month more than my normal pay, because of my annual bonus!!!!!
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      Originally posted by bmitchell31 View Post
      I was looking over my past 3 years tax returns in preperation for my visit with a lawyer this week and a question came to me. As far as income is concerned will I be judged on my Gross Income or Adjusted Gross Income? The Adjusted Gross is much lower.

      Or does it even matter, since they will look at 6 months of paystubs. Another questions about pay stubs. Do they care what your net or (take home) is?
      your gross income will always be used.
      Filed Pro Se: 10/16/2009
      341 Scheduled: 11/23/2009
      Last Day for Objections: 1/22/2010
      Discharged: 1/28/2010

      Comment


        #4
        Thats what I figured. Ok so what about federal/state taxes,ssn,medical, dental? Are those calculated as deductions on the means test? I'm trying to avoid a 13.

        I pay lots of taxes!

        Comment


          #5
          Originally posted by bmitchell31 View Post
          Thats what I figured. Ok so what about federal/state taxes,ssn,medical, dental? Are those calculated as deductions on the means test? I'm trying to avoid a 13.
          yes, you take deductions when doing the means test.

          What you pay in taxes is one thing, but what do you receive as refunds?
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

          Comment


            #6
            Originally posted by bmitchell31 View Post
            Thats what I figured. Ok so what about federal/state taxes,ssn,medical, dental? Are those calculated as deductions on the means test? I'm trying to avoid a 13.

            I pay lots of taxes!
            you can claim your taxes, and medical expenses as well on different sections of the means test
            Filed Pro Se: 10/16/2009
            341 Scheduled: 11/23/2009
            Last Day for Objections: 1/22/2010
            Discharged: 1/28/2010

            Comment

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