I filed my tax return on 2/1. I filed Ch. 7 on 3/11. My tax return showed that I was due about $1800. I owed back taxes in the ballpark of $1400. I expected a $400 refund once the IRS deducted the back taxes. I put all of this in the appropriate place on the Bankruptcy Schedules.
I used the wildcard and unused homestead exemptions on the $200 bucks in my checking account and the full $1800 tax refund. The form said to not deduct prior claims so I exempted $1800 instead of the $400 that I expected to get. I did note on the other schedule that the IRS was due back taxes of $1400.
Today I just checked my account and $1450 was deposited into my checking account by the IRS. I called to make sure that they didn't forget to take out the back taxes and the woman told me that $1400 went to back taxes and the remaining $1450 went into my account. I have no clue what I did wrong on the tax return.
My question is this: What do I do now??? It looks like I lied on the forms but the copy of my tax return will prove what I submitted. Do I need to notify the trustee ahead of time? Do I bring it up at the 341?
What do I do with the money?
Under any other circumstance this would look like a "in the nick of time" good fortune kind of thing. I just found out Monday that I don't have enough money for Summer School. I was supposed to graduate in the fall. The 1450 is exactly what I need to pay for Summer School and finish on time. The catch is that the money is due when I register next week and my 341 isn't until mid April. I exempted $1800. Can I use it? I'm sure that would look very shady to a trustee.
Help!
I used the wildcard and unused homestead exemptions on the $200 bucks in my checking account and the full $1800 tax refund. The form said to not deduct prior claims so I exempted $1800 instead of the $400 that I expected to get. I did note on the other schedule that the IRS was due back taxes of $1400.
Today I just checked my account and $1450 was deposited into my checking account by the IRS. I called to make sure that they didn't forget to take out the back taxes and the woman told me that $1400 went to back taxes and the remaining $1450 went into my account. I have no clue what I did wrong on the tax return.
My question is this: What do I do now??? It looks like I lied on the forms but the copy of my tax return will prove what I submitted. Do I need to notify the trustee ahead of time? Do I bring it up at the 341?
What do I do with the money?
Under any other circumstance this would look like a "in the nick of time" good fortune kind of thing. I just found out Monday that I don't have enough money for Summer School. I was supposed to graduate in the fall. The 1450 is exactly what I need to pay for Summer School and finish on time. The catch is that the money is due when I register next week and my 341 isn't until mid April. I exempted $1800. Can I use it? I'm sure that would look very shady to a trustee.
Help!
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