We were due a $2504 tax refund for tax year 2010. We received nothing and received no notice of it being applied to taxes owed, I assumed it was par for the course because we were in the middle of a BK.
3 weeks ago I got a check from the trustee for $1288.52 marked "return of funds representing exempt portion of asset" . No idea what it is- I tucked it into the cabinet without depositing it until we have our financial plan set for the next few months.
This past Friday got a final demand and intent to levy from the IRS for tax debt owed, yes- that was my first post-BK communication from them. Nice, eh?
In addition I got a "you overpaid on your 2005 taxes by $200.60, so we applied it to your 2006 bill".
So now I'm thoroughly confused and start with the IRS. According to them, they received a "turn back" request from the trustee and sent her $2528.54 so that's where my tax refund went. That's odd, I think, since my refund was $2504. I asked about the overpayment notice I got. The rep told me the last payment they received on the account was in March 2010, and that was the disbursement from the UST upon our CH13 dismissal. The $200.60 was a reversal of some of the interest charges that had been applied. Why they were reversing some of the charged interest now, he couldn't tell me.
Ok- still doesn't make a whole lot of sense to me. The turn back amount is an odd amount, not my refund amount first of all. Second, why am I getting a "portion" back if that's what the check is? We were a no asset case.
Upon filing we had:
$1245.00 in personal property/cash assets
$5328.12 in a 401(k)
Under FL law we have $4,000 each for personal property exemptions, because we didn't take a homestead exemption. And I think the 401K is not included in that $8k limit, because it's listed separately exempt by statute,correct?
I have a call in to the trustee, waiting for some answers about what this check is exactly and my tax refund. But in the meantime I'm hoping maybe someone here can see something that jumps out at you with all these numbers and facts, especially some of you experienced posters. Any insight would be appreciated.
3 weeks ago I got a check from the trustee for $1288.52 marked "return of funds representing exempt portion of asset" . No idea what it is- I tucked it into the cabinet without depositing it until we have our financial plan set for the next few months.
This past Friday got a final demand and intent to levy from the IRS for tax debt owed, yes- that was my first post-BK communication from them. Nice, eh?
In addition I got a "you overpaid on your 2005 taxes by $200.60, so we applied it to your 2006 bill".
So now I'm thoroughly confused and start with the IRS. According to them, they received a "turn back" request from the trustee and sent her $2528.54 so that's where my tax refund went. That's odd, I think, since my refund was $2504. I asked about the overpayment notice I got. The rep told me the last payment they received on the account was in March 2010, and that was the disbursement from the UST upon our CH13 dismissal. The $200.60 was a reversal of some of the interest charges that had been applied. Why they were reversing some of the charged interest now, he couldn't tell me.
Ok- still doesn't make a whole lot of sense to me. The turn back amount is an odd amount, not my refund amount first of all. Second, why am I getting a "portion" back if that's what the check is? We were a no asset case.
Upon filing we had:
$1245.00 in personal property/cash assets
$5328.12 in a 401(k)
Under FL law we have $4,000 each for personal property exemptions, because we didn't take a homestead exemption. And I think the 401K is not included in that $8k limit, because it's listed separately exempt by statute,correct?
I have a call in to the trustee, waiting for some answers about what this check is exactly and my tax refund. But in the meantime I'm hoping maybe someone here can see something that jumps out at you with all these numbers and facts, especially some of you experienced posters. Any insight would be appreciated.
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