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Have some questions on figuring income..

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    Have some questions on figuring income..

    After doing some reading here....

    Am I understanding correctly that if we get a tax refund for 2009 that that amount will be divided by 12 and added to our monthly income?

    For example if we get a tax refund of $2400 (which would include child tax credit for 2 kids if that makes a difference)--would they divide that by 12 and add $200 month to our income?

    And another question on figuring out family size.

    My oldest child is 17--he will be 18 on January 1st. In April of this year, he ran away--he is living with a friend and while I don't anticipate that he'll be coming back , I guess it's possible that he *could*.

    In all of my calculations, I have been figuring us as a family of 4 because technically he isn't living here. Is that correct? Even though, if he returned home, we'd be a family of 5, but since he'll be 18 on January 1st, would it even matter?

    #2
    You are still responsible for him unless he is emancipated and the odds are that he is going to return home, so I would claim 5.

    Your tax refund from 2008 / 12 will go on other income on your schedule I. If there is a reason to believe your refund will be different for 2009, discuss it with your attorney and it would be something to bring up at the 341 meeting... and if you don't have an attorney, get one.
    I am a Pennsylvania Eastern and Middle District Bankruptcy, FDCPA, FCRA and Foreclosure Defense attorney, information I post is based on experience in these districts. It is not legal counsel, consider it friendly counsel.

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      #3
      Originally posted by JimKutkowski View Post
      You are still responsible for him unless he is emancipated and the odds are that he is going to return home, so I would claim 5.

      Your tax refund from 2008 / 12 will go on other income on your schedule I. If there is a reason to believe your refund will be different for 2009, discuss it with your attorney and it would be something to bring up at the 341 meeting... and if you don't have an attorney, get one.


      Oh we fully intend to do this with an attorney.

      I'm 90% sure we wont file until Spring. Most likely AFTER we get 2009's tax refund. The biggest portion of it will go to attorney fees. Which refund will they use on our schedules, 2008 or 2009? Our 2008 refund was quite a bit bigger than 2009 will be. I don't anticipate we'll ever get a refund that big again.

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