Tax kicker question in Oregon

[1/2 way in OR]

I was told that I have to send the trustee any tax refunds that I receive during my BK. Just wondering if the kicker is considered a tax refund. I believe that the kicker will be considered a refund, but would appreciate it if someone would prove me wrong.

[Minnymouth]

Anytime you file bankruptcy, the Trustee has access to any tax refund you might receive (except the part that is exempt) as future income from you.....
If requested by the Trustee to turn it over at the 341 meeting or he should notify you that he's requesting it, then you'll have to send the check to him, he will take out a portion of it (so many months as required by how long you've been in bankruptcy) and return the rest too you....

Hope this helps....

[lrprn]

I was told that I have to send the trustee any tax refunds that I receive during my BK. Just wondering if the kicker is considered a tax refund. I believe that the kicker will be considered a refund, but would appreciate it if someone would prove me wrong.

What is a "kicker"? I haven't heard that term before.

[1/2 way in OR]

What the tax kicker is in Oregon, (to the best of my understanding), is the state economists make a projection on what the state will collect in taxes for a 2 year budget cycle. If the state collects more than 2% over the projection, the surplus is kicked back to the taxpayers as a percentage of what they paid.

I understand the logic of giving tax returns to the trustee as income taxes withheld are used in my budget to calculate my bk payment. And I guess that a tax return by any other name, is still a tax return. L

I had to send the trustee my tax return this year, (I got married after I was in the bk, so it threw off my tax planning). All-in-all I can’t complain, going bk saved the house and part of my sanity.

Oh well, guess it will be a double kicker. The state will kick it back to us and we will kick it to the trustee.

[13inOR]

I live in OR, and you may have the same trustee I did. I believe that may be included. We were told all tax refunds and/or any windfall of over $2500, and any increase in income over 10%.
These requirements tend to vary with trustees, but we may have the same one. I think you will need to at least report the kicker amount, and whether he decides to keep it may depend on various factors.
Hopefully not, but...

[1/2 way in OR]

Hey 13inOR,

We may or may not have the same trustee. My trustee told me that he gets 'any' tax refunds that I get, maybe it is because I am in a 13% payback to unsecured creditors?

I was just thinking that someone in Oregon knew the answer, but I will clear it with my attorney before I cash the check or send it to the trustee. The kicker will not be sent out till next year, but it is good to have long term goals. Oh well by then I will have less than a year to go.

Reading the BK forums has helped me answer some questions, or at least has helped me ask the right questions of my attorney when I go to see him. My attorney is great, but he charges by the hour so I try to keep our contacts to a minimum.

This whole ordeal has been an eye opener and has taught me to go back to the basics. At least I have kept my humor, (To friends I say that even though I had to go BK, I am still driving my new truck. Well it was new when I bought it in 1988).

Perhaps I should start a new thread on BK humor?

Thanks again for your reply and have a great day.