Another tax question

[psirasmom]

Thank god you guys are here...or I would probably be looney.....as mentioned in a previous post, the trustee requested copies of all recent bank statements, cancelled checks and information on the bike and truck...we submitted everything immediately (last Monday) through our attorney and haven't anything heard back on it.

I sat down to do our taxes through Turbo Tax online the other night (HIGHLY recommended...and if you go through the Bank of America website, even though you aren't a current customer, you get 25% off). It came back that we are getting $5,000 BACK from Fed (and will owe state $300...as usual)....now, our case was Ch 7 No Asset, 341 back in November, last date for objections was 1/8...had that meeting with the judge 1/11 where he denied the reaffirmation agreement on the bike....but otherwise, is that refund really ours? Man that would be nice, because there are only so many times you can "mickey mouse" a fix on an old heating system before you need a new one....

[HHM]

Unfortunately, the answer is probably not.

If the refund is going to be that high, the only way you can keep it is to be able to exempt it and in some case, if part of the refund is due to child tax credits, you might be able to keep some it.

Remember, you filed BK in 2006, and your refund is for "tax year" 2006, thus, some, if not all, of the refund is part of your BK estate and subject to turn-over to the trustee if it cannot be exempted.

[psirasmom]

Ok - I'll call into my attorney and see what he suggests. Part of the refund is from the kids (3 of them), so maybe it will help some....damn, I thought we might have a chance to get a new heating system!!!!!!!

[AMISLANDER]

How do you go through the BOA site to file your IRS??? I looked on site but could not find anything?

[psirasmom]

http://www.bankofamerica.com/weblinking/?referredby=onlinetaxesturbo

Try that

[heatskol]

My trustee didn't ask about my return at my 341, nor was I sent a letter. My attorney said unless they request it, not to worry about it. I discharged on 2/6 and closed the next day with no mention of the trustee wanting my tax return.

[psirasmom]

Hmmnm ok.....my attorney is now making me a little nervous

I finally got him....asked him about our taxes...he said "it's yours - don't worry about it - besides, if you spend it on a new heating system, the money is gone, what can he do?"

Now, I was just speaking with my boss (btw, I am a paralegal, but real estate and nothing else...) - he used to do BK, but stopped when the new laws went into effect...he is going to call a friend in the BK court (with me of course remaining anonymous) and see what their thoughts are. He did say that, technically, I should go with the advice of my attorney....but he (my boss) feels a little uneasy about it as well....