Another Tax Question!!

[fugazee]

Heres my questions...... I recently filed chapter 7... my trustee made me turn my tax return over to him after I received the check. the question is can I amend my that tax return later on this year and not have to turn anything over to them if when i file the return I am to receive some money? Will they even know I amended? How does this work? By the way I have already been discharged 4/30/07

[lrprn]

On the day you file, you create a bankruptcy estate. The trustee can take your 2006 tax refund because the money in the return was earned during the time before you filed - it's a part of your bankruptcy estate. Any money in a return earned after you file doesn't become a part of the estate and the trustee has no right to that money.

Still, Uncle Sam makes a lousy savings account. Better to adjust your withholdings to get little back and bank that extra throughout the year getting interest rather than allowing the government to use it free of charge for a year. Put your income figures into the IRS withholding calculator forms at http://www.irs.gov/pub/irs-pdf/p919.pdf and set your withholdings so you get back less than $300. You can adjust your withholdings as often as necessary to hit this target by the end of the year - I look at mine every quarter now that we've filed.

[Granny]

Take your sweet time filing the amended return. You have 3 years from the original due date to file the amended return to receive the additional refund. Most likely long after your case is closed.

[desperation]

What if the return was only for $375 ? I spent mine on food and gas.