Ok - so I was searching on information about what the Trustee might take of my taxes (Im in Oregon) and found that the EIC was exempt... which is good news for me. However, I ran across an article in the tax pages about the 2008 Stimulus package. I filed Chap 7 in Feb 2008 and at the 341 hearing the Trustee said I was to send him my stimulus package (which was $900.00). So I did, thinking it was considered 'assets' from prior to my filing (for 2007) - but the article I read said it was ADVANCE CREDIT for 2008 taxes, which would then mean the Trustee isnt entitled to the entire $900.00 - but rather only 2 months worth (pro rated). Now, I dont want it badly enough to jeapordize my case - but Im just curious about this money. Does the Trustee keep any funds sent him by me, until he decides to close the case and then I would get a 'refund' of any that he deemed not assets? Or does he just keep the money regardless if he is entitled to the whole thing?
Here is a snippet of the article I read:
" "Although determined based
on the 2007 tax year, the rebate technically
remains a credit against 2008
tax, made in the form of an advance
payment. As such, a taxpayer fi ling
a 2007 return in 2008 cannot claim
the rebate as an offset to his or her
2007 tax liability reported on that
return in lieu of waiting to receive a
rebate check. Nor can the taxpayer
choose instead to count the rebate as
part of an estimated tax installment
Here is a snippet of the article I read:
" "Although determined based
on the 2007 tax year, the rebate technically
remains a credit against 2008
tax, made in the form of an advance
payment. As such, a taxpayer fi ling
a 2007 return in 2008 cannot claim
the rebate as an offset to his or her
2007 tax liability reported on that
return in lieu of waiting to receive a
rebate check. Nor can the taxpayer
choose instead to count the rebate as
part of an estimated tax installment