Refund toward next years taxes???

[maddog2112]

I`ve been in a ch 13 for 1 year. For the most part there have been few problems except that it all sucks. I`m in a 75% payback plan.Due to an unexpected excess of overtime at work last year I`m getting a 6000 dollar refund this year. The trustee has already sent a letter saying to surrender any refund this year so although it sucks, it`s not in question. Has anyone had any experience in applying part or all of the refund towards next years taxes.I would have had little or no refund this year had it not been for the ot as I have my deductions set very high. I certainly don`t want to owe any money next year if the ot dries up. Thanks in advance.

[CATCHMEIFYOUCAN]

If your company offers a 401k plan why don't you put a nice percent of your OT into the plan? I do a poop load of OT myself and decided to sock away 10% into the plan instead of gambling it away. I don't know though if you have to get the Trustees permission or if you should consult your lawyer?

Regards, Catchmeifyoucan

[aa06a47]

Great idea CMIYC. I have been working some OT and decided to up my 401k contribution. It doesn't show up on the bottom line as taxable income, so the trustee shouldn't even raise an eye brow over it.

[MajorMike]

We upped ours to 15 percent.

[MajorMike]

If your company offers a 401k plan why don't you put a nice percent of your OT into the plan? I do a poop load of OT myself and decided to sock away 10% into the plan instead of gambling it away. I don't know though if you have to get the Trustees permission or if you should consult your lawyer?

Regards, Catchmeifyoucan

Catchme! Glad to hear you're not gambling anymore!!! WTG!