I got a bonus this year and "may" get one next year, where does this go?

[DebtZombie]

OK, so in March I got a 5k bonus from work, cause we met all of our objectives for the year.

Now we wont know for sure if we get the bonus again in 2011 until just before it shows up on our paychecks in March. It all depends on if the stockholders like what they see.


So, i am thinking i should take that 5k and divide by 12 and add it onto my schedule "I" as "other" income.

How or where do I pout this, or can I add into in the notes at the bottom of schedule I to account for a possible increase in income

note, even with the extra income I am still way under means test

[Pandora]

Your lookback period is only 6 months - March to October is 7. I dont think you should include it, especially since its not automatic every year. Ask your lawyer to be certain but I'm pretty sure given it a 1 time thing and beyond your 6 month lookback, it may not be questioned, especially since you're under median.

[AngelinaCat]

We get a yearly stipend in January from a Trust. It is a retirement instrument and therefore exempt, but the amount had to be counted as income in the lookback period. Therefore we had to wait a full six months after the payout. That meant we were good to file any time from July 1 til the end of December. But our inept lawyer kept dragging her feet until we had to finally rise up and force her to file our case on the last business day of the year, Dec. 28, 2007, at 4:30 PM. Otherwise, we would have to wait until July 1 of the following year, and by then we would have had a couple of judgments in place against us, possibly more.

[wipetheslate]

Schedule J, #19: Describe any increase or decrease in expenditures reasonably anticipated to occur within the year following the filing of this document:

I'd like to know, too, as I expect to receive some summer salary next June-July but it's not a sure thing. I figure I'm better off listing it, although I'd love to just leave it off.

[DebtZombie]

I am leaving it off. Chances are we wont get it again, economy is shitty.

[Pandora]

Schedule J, #19: Describe any increase or decrease in expenditures reasonably anticipated to occur within the year following the filing of this document:

I'd like to know, too, as I expect to receive some summer salary next June-July but it's not a sure thing. I figure I'm better off listing it, although I'd love to just leave it off.

I think you're getting "income increase" and expenditure confused. From reading #19 - to me that means any future expenses that may go up or down, not income.

Am I wrong in how I'm interpreting that?

[tcreegan]

Hi DZ,

Its Sched J, not the lookback, just leave it off, won't matter anyhow.

Hi Pandora, the same question is on Sched I about income, I think wipetheslate just got them switched...

Tom in Colo

[wipetheslate]

You are so right! Thanks for pointing that out, Pandora.