Tax Refund - how much is the threshold?

[cana]

I thought my tax refund would be in the neighborhood of $500, so I reported it that way in my filings. The trustee did not bother to ask about that.

Now, I found my tax refund might be a bit more than that; the closer number would be about $980, federal alone.

Should I be concerned about the trustee taking away that refund? Is there a way to claim the refund later (like, in year 2007)?

I live in a big city with a busy bk court. $980 is quite a large sum for me at this point of my life.

[StaciMM]

A couple of questions... When did you file (month) and is the $980 strictly from $$ withhedl from your pay during 2005 or is any of it earned income credit, or child tax credit?

[Minnymouth]

Usually if your refund is not over $1,000 the Trustee will not fool with it....
If he did not tell you at the 341 meeting to send him a copy of your taxes when you filed them, then he's probably not interested in the refund this year.

[AAAArt]

My advice and opinion only....Shhhhhh! Art

[cana]

Everything from withholding, and capital loss (stock loss still carrying over)

No income credit. I wish I had a child, but probably won't for quite a few years.

[StaciMM]

Well, worst cast scenario is that the trustee can claim 79% of your refund (if you filed on 10/14, less if you filed earlier). 79% of $980 is $774.20, and you've already exempted $500. The trustee would probablly not bother with $274.20.

[CindyLou]

do not "do" your taxes yet and you will not know what you refund will be right? You have until april 15th do "do" your taxes.....and your case should be done by then.

[bkfiler]

My advice and opinion only....Shhhhhh! Art

shhhh? what do you mean by that? can you explain a little more please


as to your question, do you know the new tax laws for 2005? are you a ceritified tax preparer? did you accuratly peg the amount you were supposed to get back last year, year before? year before that?

ok so i wouldnt give advice to a trustee that you are not accurate with or certified in providing. you can only tell him the facts as asked adn if the irs hasnt sent you a letter stating what you will get back then i would imagine you really dont know.

however, if he asks you how much you got back last year then you will tell him. also explain any differences between now and then so he knows you will be getting even less this time, if thats the case.

[cana]

>as to your question, do you know the new tax laws for 2005? are you a ceritified tax preparer? did you accuratly peg the amount you were supposed to get back last year, year before? year before that?

I always use my TurboTax. That number is as accurate as it can get.

>ok so i wouldnt give advice to a trustee that you are not accurate with or certified in providing. you can only tell him the facts as asked adn if the irs hasnt sent you a letter stating what you will get back then i would imagine you really dont know.

>however, if he asks you how much you got back last year then you will tell him. also explain any differences between now and then so he knows you will be getting even less this time, if thats the case

OK. The trustee did not ask to see my tax return, but my income is not that high (much less than the state median).

[bkfiler]

I always use my TurboTax. That number is as accurate as it can get.

ok then i guess you are going to have to tell him then.

[CindyLou]

I stand by my advice of not actually preparing your taxes until the deadline which is April 15th unless you are required to do so by your trustee. Stick with you origninal number and stay off of turbo tax until after you discharge. Apply part of your refund to your next years taxes maybe in the end and you won't end up actually getting enough in your hand to report.....not an attorney but just thinking that you are just fine and shouldn't worry.

[Minnymouth]

Did your Trustee TELL you to notifiy him when you turn your taxes in or ask for a copy of them?? Did he tell you NOT to cash you income tax refund???

If not, more than likely he is not interested in the small amount he would make off of you.

Keep us posted,

[AAAArt]

shhhh? what do you mean by that? can you explain a little more please

Shhhh means that if trustee didn't ask, I wouldn't tell. You know that i love to keep secrets from the trustee, I didn't even list that drink or buggy ride that you owe me under "assets"
Seriously, if the trustee hasn't said anything to them about their tax returns, how are they supposed to know or even think about telling the trustee unless they are getting info from some source like this forum?
The amount after exemption just doesn't seem to justify stirring the pot. For example, I won the lottery the other night. $6 on a scratch off ticket. I'm not reporting it. (Please don't turn me in.)
I will always abide by the spirit of the law and hope that I am legally honest, but at what point do we stop living in fear and just start living. My atty. is one of those whose opinion is that your fresh start began the day you filed. We went to extreme measures to rreport everything that I had and to be as accurate as possible.
I know that you and others are concerned about the time til the 341 and then the time til the discharge and then the time until the year is over, but no one ever told me (and if it was written, I didn't read it) about all of these rules about not going into debt, telling the trustee about changes in status or income received after I filed. They asked for me to tell them exactly where I was financially and what I anticipated in the future on the day that I filed. My trustee did not ask anyone about tax returns and since I haven't gotten one in over 20 years, it just diesn't seem like a big deal to me.
Sorry, bkfiler, I'm not jumping on you. It just seemed like a good time to explain my philosophy. Wishing you the best in the New Year. Art

[CindyLou]

I agree ....RELAX. Just don't get your refund. Wait until its all over.

[tracy1878]

when i went to my 341, it was 1000.00 for each adult filing. i'm in ohio, good luck!