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Question on --- Are you expecting to receive a tax refund this year? If so, how much?

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  • Question on --- Are you expecting to receive a tax refund this year? If so, how much?

    Are you expecting to receive a tax refund this year? If so, how much?

    I have owed taxes the last few years, I don't know how to answer this one as I won't know that answer until tax time.

    What I have honestly say No to this question and then once I do my taxes I see that I might get a refund...

    ugh, as I'm getting closer to my 341, I'm getting nervous that I won't give the right answer
    Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

  • #2
    I actually found an online 2010 tax calculator to figure if we'd be getting a refund. I figure even if we said "no", the trustee might be watching for one anyway. If he wants the money, he's going to get it, unless you can exempt yours. We have no such exemption in our state.
    Filed pro se, made it through the 341, discharged, Closed!!!

    Comment


    • #3
      I just found a calculator and plugged in my numbers (we are not having taxes taken out of hubby's UI) and it shows I will owe about $2K


      Originally posted by free2breathe View Post
      I actually found an online 2010 tax calculator to figure if we'd be getting a refund. I figure even if we said "no", the trustee might be watching for one anyway. If he wants the money, he's going to get it, unless you can exempt yours. We have no such exemption in our state.
      Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

      Comment


      • #4
        Originally posted by Fallonedward View Post
        Are you expecting to receive a tax refund this year? If so, how much?

        I have owed taxes the last few years, I don't know how to answer this one as I won't know that answer until tax time.

        What I have honestly say No to this question and then once I do my taxes I see that I might get a refund...

        ugh, as I'm getting closer to my 341, I'm getting nervous that I won't give the right answer
        we were never asked at our 341 about our tax refund...but it's easy to figure out if your going to get one....we had gotten a HUGE one right before we filed...because we vacated our home after 33 years and i gave most everything to charity so that i had HUGE receipts for tax deductions...and by the way i provided those receipts in the petition when i filed them because they were in excess of 25k.

        this year you can look at your pay stub see what you have paid in....and figure it out. we know since we know longer have house property taxes...and business expenses we will most likely owe a bit...from the ss and pensions we are getting...but it should not be that bad...we hope!
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


        • #5
          We got a huge one last year, but I really don't expect one this year. Ours was huge because we had 0 exemptions. Since February, we have had 3. We don't really pay much taxes.

          I don't have any room to exempt mine either, but if he wants it, oh well. I don't care enough. If losing any tax refund I may or may not get means having a successful BK, then I'm for it.
          I may be smarter than an attorney, but I'm not one. No legal advice here, people.
          Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

          Comment


          • #6
            I had been claiming zero deductions for years as Hubby had claimed 5 at his work. When hubby became unemployed, I then bumped mine up first to 3, then 5 and now to 8. I needed the extra money now to make ends meet vs later.

            My attorney seemed a bit alarmed that I now have my withholding as M-8 but if he wants to get paid and I need to have food, shelter, clothing and transportation for my family that I am now head of household for, it is what it is.


            Originally posted by dumpinmydebt View Post
            We got a huge one last year, but I really don't expect one this year. Ours was huge because we had 0 exemptions. Since February, we have had 3. We don't really pay much taxes.

            I don't have any room to exempt mine either, but if he wants it, oh well. I don't care enough. If losing any tax refund I may or may not get means having a successful BK, then I'm for it.
            Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

            Comment


            • #7
              That's why we upped our exemptions too. I mean, our DMI is already -$74. I can only imagine what it would've been if we did not have 3 exemptions. We only took 3 because I really don't want to owe either. We pay about $30 in Federal taxes bi-weekly.
              I may be smarter than an attorney, but I'm not one. No legal advice here, people.
              Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

              Comment


              • #8
                Originally posted by Fallonedward View Post
                I had been claiming zero deductions for years as Hubby had claimed 5 at his work. When hubby became unemployed, I then bumped mine up first to 3, then 5 and now to 8. I needed the extra money now to make ends meet vs later.

                My attorney seemed a bit alarmed that I now have my withholding as M-8 but if he wants to get paid and I need to have food, shelter, clothing and transportation for my family that I am now head of household for, it is what it is.
                fallon do you have 8 members in your family??? if not that's why he may be alarmed...because you may end up paying....yuck...

                but if you DO have 8 members you really should be ok tax wise.
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment


                • #9
                  No, I only have 5 member's in my family but I only bumped it to M-8 in August as my negative dmi of over $1k per month, is killing me. Ugh, my hubby used to do this every year he was employed, he would bump up the deductions so that we would either owe a bit or get a small return. we always owed a bit, but I figure I would rather owe a tiny bit then have the govt. holding onto my money

                  Originally posted by tobee43 View Post
                  fallon do you have 8 members in your family??? if not that's why he may be alarmed...because you may end up paying....yuck...

                  but if you DO have 8 members you really should be ok tax wise.
                  Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

                  Comment


                  • #10
                    Originally posted by Fallonedward View Post
                    No, I only have 5 member's in my family but I only bumped it to M-8 in August as my negative dmi of over $1k per month, is killing me. Ugh, my hubby used to do this every year he was employed, he would bump up the deductions so that we would either owe a bit or get a small return. we always owed a bit, but I figure I would rather owe a tiny bit then have the govt. holding onto my money
                    well, then that's is why your atty is showing some concern....

                    if you end up owning taxes this year...which is the very LAST thing you need and you cannot write off irs taxes....you will and MUST pay them by april 15, 2011. now....i can't see your numbers so i can't figure it out for you...but you need to make certain you are not getting yourself into a situation where you are going to owe big...to the irs.

                    if it's little that's ok...since after the bk you'll most likely have the funds to pay them.

                    while i so understand you need the money NOW...think also about the future. but i'm sure it should be alright if you done this before and it worked well for you...
                    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                    Comment


                    • #11
                      I'm going to ask the attorney on Monday if I should take it down to M-5 or M-4. I wanted to ensure that I had enough to live on.

                      Hubby would always bump up his in 3rd or 4th quarter, so that we had money vs a refund

                      Originally posted by tobee43 View Post
                      well, then that's is why your atty is showing some concern....

                      if you end up owning taxes this year...which is the very LAST thing you need and you cannot write off irs taxes....you will and MUST pay them by april 15, 2011. now....i can't see your numbers so i can't figure it out for you...but you need to make certain you are not getting yourself into a situation where you are going to owe big...to the irs.

                      if it's little that's ok...since after the bk you'll most likely have the funds to pay them.

                      while i so understand you need the money NOW...think also about the future. but i'm sure it should be alright if you done this before and it worked well for you...
                      Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

                      Comment


                      • #12
                        Originally posted by Fallonedward View Post
                        I'm going to ask the attorney on Monday if I should take it down to M-5 or M-4. I wanted to ensure that I had enough to live on.

                        Hubby would always bump up his in 3rd or 4th quarter, so that we had money vs a refund
                        good thinking....just don't want to see you around tax time going nuts.

                        we already know we will most likely owe...even tho we take out taxes on our ss and pension AND UI.....our income is still a bit high with no deductions now...we'll just have to take the "standard" deductions instead of itemizing. for the first time in our lives together. my feeling has always been i'd rather owe a bit than have the government have our money...it's a poor way to think of as a "savings" account, which many do,...you most certainly can get better interest somewhere else other than in the governments hands.

                        however, it is, what it is...and frankly we're just happy we are discharged and have a roof over our heads...although it's not ours right now....
                        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                        Comment


                        • #13
                          Many people in construction will carry more dependents especially if it's a job that is going to be short term such as three weeks, less, or even a little more. It also depends on how much they have that they can deduct from their taxes at years end. My tax adviser told me to only do it for about three months out of the year (if I was working all year long) because I'd just have to pay some back if I carried it too long. Some carry married and nine, eight, seven or six, depends. Some do carry it for a long time but they have a lot of deductions though.

                          As far as carrying married and nine, I heard that many people are more apt to get audited with that 'nine' number because they're finding that a lot of them haven't paid back taxes. Another one is those that have to file their own taxes, they're getting audited more if they carry too many dependents.

                          But if you carry a couple, then generally you're okay because you'll get a few extra dollars instead of getting a tax refund and you'll break even.

                          Comment


                          • #14
                            Originally posted by platter View Post
                            Many people in construction will carry more dependents especially if it's a job that is going to be short term such as three weeks, less, or even a little more. It also depends on how much they have that they can deduct from their taxes at years end. My tax adviser told me to only do it for about three months out of the year (if I was working all year long) because I'd just have to pay some back if I carried it too long. Some carry married and nine, eight, seven or six, depends. Some do carry it for a long time but they have a lot of deductions though.

                            As far as carrying married and nine, I heard that many people are more apt to get audited with that 'nine' number because they're finding that a lot of them haven't paid back taxes. Another one is those that have to file their own taxes, they're getting audited more if they carry too many dependents.

                            But if you carry a couple, then generally you're okay because you'll get a few extra dollars instead of getting a tax refund and you'll break even.
                            i did taxes for years and never heard of this until now...LOL!!! but what the heck...it sounds quite smart to me in some circumstances and i agree can trigger an audit on the other hand.

                            i must tell you tho..in the law firm...(we also did taxes) i never saw anyone claim more than were actually living bodies LIVING with them...LOL!!!!!!
                            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                            Comment


                            • #15
                              Because I'm so anal, I have just printed out the 2010 tax calculator showing that I will owe about $1k next year. I will include that with the filing for the trustee, so that he will know that he will have no asset on a tax refund as we will be paying
                              Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

                              Comment

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