Filing late in year/ Tax returns? CA

[jribe]

Hello All,
Have a general question.. For those of you that filed later in the year, (let's say Aug-Dec) - how many people had to forfiet any next year's return?

I'm in CA and due to a job loss, we didn't want to file until my husband had at least a PT job. He just got a job about 16-20 hrs a week (horrible pay) but at least it's something.

So i was thinking about filing in August. We haven't been sued or anything *yet*.

Any experiences?

Thanks!

[JRScott]

It is generally common in the 3Q and 4Q filings for the trustee to establish an interest in the income tax return filed the next year. So yes this is a possibility, depending on how much you expect back. August is the 8th month so that could mean he'd try to claim up to 3/4s of the income tax return. If its less than probably a thousand I'm not sure he'd bother unless there were other assets.

[LuciluS]

If you are referencing your 2008 tax return, I don't believe the Trustee is going to be interested in that specific year if you've not already filed BK. I would think he/she would be seeking your 2009 tax return .

You maybe able to exempt a portion or all of your tax return.
Don't know if you've already filed - 2 many posts to look back LOL!
Might be a question to ask your Attorney.

[OhioFiler]

The solution is to manage your tax withholding for the remainder of the year so you don't end up with a refund next year.

Why loan money to the federal goverment interest-free anyway?

[liz417]

Hi,

Although, I just filed BK and had my 341, I wanted to let you know that the Trustee does look at prior Tax Returns (he handed me a copy when our 341 concluded) and asks, "Is this what you normally get back each year?" Yes, was my answer as I make sure that I deduct just enough throughout the year. So, don't know why he asks, but there you have it...I'm in CA too.

P.S. You have the Wild Card Exemption in CA, just exempted your Tax Refund.