Income Questions

[toobroke]

When the trustee looks at my income,

1) Do they go by gross or net income?
2) Do they include overtime or regularly scheduled pay? (my overtime is no scheduled and can't be relied upon for definitive income)
3) Do they include rental income even though we owe on the house and are upside down in it?

Thanks in advance!

[DeadManCrawling]

1. Gross.

2. Yes it will count as income. This is one reason some delay filing.

3. Yes it is income, but the expense is deducted on the schedules. If you have a net loss, as we do, the schedules show this, but you may expect further questions.

[jribe]

They use gross income.
They include overtime in the 6 month lookback. Any anticipated overtime should be included in schedules (if you don't the trustee may question- if it appears that you get "regular" overtime
They will include rental income. If you are not keeping the house- please remember to stop taking rent.

When the trustee looks at my income,

1) Do they go by gross or net income?
2) Do they include overtime or regularly scheduled pay? (my overtime is no scheduled and can't be relied upon for definitive income)
3) Do they include rental income even though we owe on the house and are upside down in it?

Thanks in advance!

[MakinMeCrazy]

Hi!

I may be wrong BUT right now I am looking at schedules I and J.........on I..it asks for the Gross wages first...then.......below that it asks for "less payroll deductions" a. payroll taxes and soc security b. insurance c. union dues and d. others(specify)

your supposed to subtract that from you the first part "income"


on schedule J....it asks for #12 taxes ...not deducted from wages or included in mortgage payments)

so like I said I may be wrong BUT it seems after you list your INCOME on schedule "I" you also minus your payroll deductions...........soemione please correct me if I am wrong..........I too would like the correct answer as I am doing my paperwork thank you