Almost done with forms -Q on personal property exemptions

[Pennywise]

I have been finishing up with schedule B. It asks about "Other contingent and unliquidated claims of every nature, including tax refunds, counterclaims of the debtor, and rights to setoff claims. Give estimated value of each."


We may be getting a refund back but do not know yet. Do I put that down or not?

[lrprn]

Our lawyer said it was best to be honest about everything on our forms. If you are planning to file BEFORE you get your 2006 tax refund, estimate what your 2006 return will be as close as you can (if you are working for a company that has a Human Resources/Personnel dept, they can help you with this) and list it on your forms. Better safe than sorry. And if you are planning to file AFTER getting your tax refund, then enjoy spending it on reasonable, documented living expenses.

[SinkingFast]

Here's a link to an IRS Individual Income Tax Calculator. It will help you guestimate an expected refund or payment due for 2006 based on some simple easy questions.

http://www.irs.gov/individuals/artic...=96196,00.html

Depending on the result you get at that website, you may want to adjust your withholdings for the remainder of the year. You might need to increase your number claimed to reduce payments deducted from your paycheck to reduce an anticipated refund. Or reduce the number claimed to pay in more each paycheck so you won't owe as much as you might have.

Our attny said many people do this every year. Have large amounts of taxes withheld early on in the year, change withholdings, and get bigger paychecks for the Holidays. Balances out and they break even.

[Pennywise]

Thanks for the info. If I estimate what the refund "might" be. Would I then be able to use an exemption for this? In Oregon we have a wildcard of $400 and Bank deposits to $7500. Would this then fall into that? I am a little confused.