Expenses vs. "Other Income" Question??

[rebncnv]

Originally when I filed my tax advisor furnished and filled in the forms, which were accepted (I filed on Oct. 12th). Now I need to amend the income and expense reports so they reflect more current figures (he was using 2004 income and the expenses were not in line....and no I did not go over the figures a closely as I could have). I have Invome from other sources that when averaged out over a year equal about $200 a month of income. Should I include this amount on Schedule I Current Income under "Other monthly income (Specify)" area? My expenses as they are now do equal and sometimes exceed all my monthly income. So if I don't include the amount then I will be in a negative income which looks bad, I am sure!

[quest42]

Should I include this amount on Schedule I Current Income under "Other monthly income (Specify)" area?

That is exactly what I did in my own situation.

[rebncnv]

Wow CA.! Your 341 meeting is much earlier than mine, I don't go until December 7th. (of all days!!). So you included an "Other" amount with your income schedule. Did you also list it in the "Form 7. Statement of Fnancial Affairs" under 2.?? It seems logical to list it both places and balance out the income and expenditures as best can. I just want to keep from raising any red flags. I mean how many folks really keep to the penny a budget each and every month??

[quest42]

Yes, exactly what I did. SOFA item 2 and Schedule I - other income. Looks like we are on the same page(s.)

[RickD]

You need to declare ALL of your income whether it helps or not. Under the new law the trustee will want verification of the last 60 days of income attached to the statement of financial affairs and 6 months worth of all income used to calculate the means test.

You can use this link for free to calculate income and expenses and to find your median income. Click on "the means test".

http://www.bcande.com/bankruptcy.html

[rebncnv]

I filed under the old law (Oct. 12th) but I still think this outside income should be listed with a reference to the "Other Income" section (2.) under Form 7, don't you agree? My expenses, not even figuring credit card payments, almost exceed the income anyway!