Tax Return question

[HRoark0717]

I am planning to file in February. Just read the Checklist in NOLO's book and it says to file your most recent Federal Tax Return.
I am not going to do my 2010 taxes until April. Can I use the 2009 Tax Return to file???

[daylate]

I'm pretty sure you can.(think about it like this-if you couldn't nobody could file in January because they don't have the info/1099's/w-2's until end of month) BUT, the trustee may ask about your anticipated refund for 2010 and you may have to notify him about it. If you're expecting a large one he'll be looking for it. Don't know about Cali exemptions but my understanding is that you can exempt it under many states exemptions. Don't know about Fed exemption

[HRoark0717]

Thanks for responding [I]daylate[I]. Thats a good point with the filings done in January. I anticipate owning some money with no refund. Just to clarify, when you say exemptions, are you referring to the BK filing as 1 exemption when I do my 2010 taxes?

[daylate]

HR- No I was using the term exemption as it applies to the bankruptcy. So depending on which state you live in you can exempt certain things from your bankruptcy estate. In many states you can exempt a tax refund. But since you owe not an issue.

[HRoark0717]

Understood. Thank you!

[tcreegan]

Hi HRoark0717,

I would go w/ the 2009 but send a note along that 2010 hasn't been filed yet and if they need that you will provide it as soon as possible. It will come down to what the trustee wants to see, ours was OK w/ an estimated return as long as he had the year before.

There is an odd disconnect in the BK law, you have to provide the tax return for the preceeding year, but you don't have to file your return until it is due on April 15th. If they enforced it by the letter, there would be no BK filings Jan-Mar....

...so obviously some flexibility is necessary...

Tom in Colo

[HRoark0717]

Thanks for more clarification Tom! I have read over the past week that you offer excellent feedback to alot of people.
Thats what I'll do...go with the 2009 and send a note saying 2010 hasn't been filed yet.
Question: When you say, send a note, what is the proper way to construct this note? In a letter form? And if so, who do you address it to?

Have another quick question about the online forms. I have noticed in some sections you need more space for writing but that space on the forms maxs out.
How does ones overcome that issue with the online forms?

[tcreegan]

Hi again HRoark,

I would use an informal letter for the tax return situation, it is going to the trustee, not filed in the BK court.

Aren't the online forms terrible? On the worst ones, I literally recreated them in msword. Noticed the court here in Colo has put out their own version. Hopefully better than the ones from uscourts.gov

Tom in Colo

ps: thanks for the compliment!