Standard IRS Exemptions vs Actual Expenses

[401kloaner]

Hello,

On which forms would the Standard IRS Exemptions be used? Can you use a combination of Standard IRS Exemptions and Actual Expenses? Or if you use the Standard IRS Exemptions then do you have to only use the Standard IRS Exemptions or can you use a combination of Standard IRS Exemptions and Actual Expenses (which ever is more?) What ever provides a larger number ($$$) ???

Thanks

[HHM]

Well, it may help to know, "in what context" you are asking this question? Are you talking about chapter 7, chapter 13 bankruptcy, means test, schedule I&J, or IRS collection (form 433-A), etc.

[401kloaner]

Hi,

Chapter 7, over the median by $11,500. What schedules and forms can you use Standard on vs Actual? If you use Standard on one schedule or form can you use actual on another form? Can you mix and match standard and actual on the same schedule/form?

Thanks.

[HHM]

This is a discussion you need to be having with YOUR attorney. If you are $11,500 over median and still trying for chap 7, this is not a case you should be doing on your own.

One the means tests, you are required to use standards, but there is an art form to the means test. You use actual numbers on schedule J.

[401kloaner]

Thanks, and I did have my attorney complete the schedules and forms with my input. But you can never learn enough and I've learned much more here than anywhere else.