341 Meeting...now asset case..

[chrisdfw]

You have to have a normal deductible IRA.
You also have to be figuring on getting a refund.

When you make a conversion from a regular IRA to a ROTH taxes are owed on the amount converted, so you just need to figure out how much to convert in order to get rid of the refund or get it under your exemption limit. Any decent tax professional can help.

This doesn't put any money on your pocket right away but saves you on taxes in the long run because no taxes are due on the converted amount or the earnings on it.

[LSUTiger32]

Don't worry about it, your trustee may want and get your tax refund but it affects nothing else.

I just made my refund go away by doing a conversion to a roth ira for the exact amount to create a zero refund and the case closed no asset. A good tax person can really help you get value for your refund. (Disclaimer - I am a tax professional.. not an attorney of any sort) Get the advice of your attorney before making any moves, but it is possible to get something for your refund, if nothing else end your withholding at work to minimize the amount they will take, maybe even get advance EIC for a few months. Better to have the money in your pocket than a trustee and creditors. You probably need it more.

Dude spill some info. LOL! Can you elaborate on the Roth and what you did that made that work?

[chrisdfw]

Don't worry about it, your trustee may want and get your tax refund but it affects nothing else.

I just made my refund go away by doing a conversion to a roth ira for the exact amount to create a zero refund and the case closed no asset. A good tax person can really help you get value for your refund. (Disclaimer - I am a tax professional.. not an attorney of any sort) Get the advice of your attorney before making any moves, but it is possible to get something for your refund, if nothing else end your withholding at work to minimize the amount they will take, maybe even get advance EIC for a few months. Better to have the money in your pocket than a trustee and creditors. You probably need it more.

[PdxDavid]

I have a feeling the same thing will happen to us. Whatever part of the tax return they take will be well worth discharging all this debt and headache.

[backtoschool]

If you are an asset case because of your tax return, you will still be discharged in 60 days, but will not be closed until the trustee sees your tax return. The trustee wanting your tax return will not affect your discharge it will only affect when your account closes.

[kw1025]

Well, i filed, had 341 and now in 60 day club...so i thought. The trustee has now made my case an asset case that won't be discharged until he sees my 2009 tax retuen. Other than that, this bk has been the best investment i ever made