Schedule B help

[mommi2many]

I have 2 questions:

1. If you have an idea from the past what your approximate 2010 tax refund will be, do you list it on Schedule B so that you can exempt it on Schedule C?

2. I have a pell grant and school loan due within the next month. Do I list those on schedule B since I know the amounts so that I can exempt it on Schedule C. Or where do I list these grants and loans since I know for sure I will be getting them including the amounts and dates they will be received.

Thanks in advance.

[justbroke]

1. If you have an idea from the past what your approximate 2010 tax refund will be, do you list it on Schedule B so that you can exempt it on Schedule C?

Yes... you'd list it as "Anticipated Refund - 2010" or somesuch.

2. I have a pell grant and school loan due within the next month. Do I list those on schedule B since I know the amounts so that I can exempt it on Schedule C. Or where do I list these grants and loans since I know for sure I will be getting them including the amounts and dates they will be received.

I don't understand what you're trying to do. If this is just a loan payment on an unsecured debt, it goes on Schedule F -- General Unsecured.

[dumpinmydebt]

1. If you have an idea from the past what your approximate 2010 tax refund will be, do you list it on Schedule B so that you can exempt it on Schedule C?

What justbroke said....lol

2. I have a pell grant and school loan due within the next month. Do I list those on schedule B since I know the amounts so that I can exempt it on Schedule C. Or where do I list these grants and loans since I know for sure I will be getting them including the amounts and dates they will be received.

Thanks in advance.

Are you talking about a refund check (excess money after tuition and fees are paid to the school) due to you within the next month??

If so, Pell Grant refunds are considered income, and should be listed as such on the Means Test and Schedule I.

The student loan refund is a cash asset, so yes, you will need to find an exemption for that as well. And as you have listed the tax refund as "anticipated" you will do the same with the student loan refund.

Keep in mind, your Pell Grant is what pays school first. So if your tuition this semester is $2500, and you received a $2000 Pell Grant and $2000 in student loans, then you have no "Pell Grant refund." All the excess would be student loan money.

[mommi2many]

Sorry for not being clear. Yes, I am talking about a pell grant and student loan refund due to be paid out to me in the next month. I actually have excess pell grant and loan money after paying my school expenses. Right now I am unemployed and need it to survive.

As for the pell grant excess, I am well below the median on the means test so counting it is not a problem. I am a little confused how to count it on Schedule I. Do I average it out for 6 months and then put in the average for a month?

[dumpinmydebt]

Sorry for not being clear. Yes, I am talking about a pell grant and student loan refund due to be paid out to me in the next month. I actually have excess pell grant and loan money after paying my school expenses. Right now I am unemployed and need it to survive.

As for the pell grant excess, I am well below the median on the means test so counting it is not a problem. I am a little confused how to count it on Schedule I. Do I average it out for 6 months and then put in the average for a month?

I totally understand. We receive student loan refunds (no Pell grants for us) and we wouldn't be able to make it without them. We have a negative DMI and like you, we are WAY below the median.

Yes, you're correct. Average it out and list it on line 13 of Schedule I.

[mommi2many]

dumpin, thank you so much for the clearing that up for me. I really appreciate it.

[dumpinmydebt]

No problem. That's what were all here for!

Just keep in mind that some this whole "student loan being counted as income" is not a set in stone rule. So I would have some forms prepared with all of the disbursement (loan & grant refund) as income. That's what I've done. I've counted my refund as a cash asset, but just in case, I've also completed forms with them being income.

How far along are you in this process?

[mommi2many]

I have all of the bk paperwork filled out except schedule I and J. I guess I'm saving the best for last. I have all of my figures for both I and J scribbled on paper but still asking questions before I make them official and file them. I'm excited and nervous for this whole filing process to be over.

[dumpinmydebt]

That's exactly what I saved till last. I have to wait to finish them because I'm waiting for a paycheck this Friday with my husband's new salary. I've done the same as you, scribbled all over them. Just waiting to type them out. Filing on Monday.

I feel the same. I'm extremely nervous, but I'm also excited to get on with our lives. I'm excited for a fresh start.