Filing Tax Return

[kissrawks]

Hi there. I should be discharged in the middle of Feb from my bk and was wondering should i wait until discharged to file my return which i will get a nice refund? The trustee never asked or said anything about taking part of my refund and from what i gather on other posts, i am probably safe. can the trustee come back after i file and take it?

Thanks

[StaciMM]

Technically, the trustee could come back and ask for part of it regardless of when you file. If he was not interested in it before, then it is probably not likely that he will be interested in it later.

[bkfiler]

yes if the trustee didnt ask then dont tell. file whenever you want.

i wonder what would happen if you filed, spent it on things you need, like paying your insurance ahead of time, paying utilities 1 month ahead, paying health insurance, fixing the car, etc what he would do after you told him that.

yes he could make you pay it back but wonder if he would after hearing that.

also, did you read anything during the 341 that told you that the taxes should be turned into him? some of them have paperwork for the 341 that requests that. but they usually announce it too.

[JimH]

He can take it for up to a year after your discharge, although it's not very likely since he hasn't asked for it yet - unless maybe it's in your paperwork somewhere and you overlooked it.

If you do file before discharge, I would make sure you spend it imediately and wisely.

[bilbo]

My trustee has EVERYONE sign a paper stating they will forward any refund over $500 to him. But in the 341 he told people individually whether he wanted the returns or not. Most of the people who were expecting less than $1000 are getting to keep it

[HopeinHorizon]

I am in the same situation, I don't know whether to hold onto the money or spend it when I get it?

I usually got around $600 back in federal each year, and that's what the last two tax returns show... He looked at them, and didn't ask anything else...

I found out that I can take a credit for my school expense, which will give me around 2700 according to H and R block's estimate your refund calculator on their site...

I owe 1200 more for school, and planned to pay that off and then plunk down the rest in savings for a wedding which will happen next year.

I am scared he will come back and want it too, but even so I read somewhere that he can't take credits like earned income. I wonder if the tuition credits are exempt too, because if so, he would only get about 600 then...

[Anassa613]

Gosh,

well I just filed chapter 7 today and did my taxes today.. Its well over 1000.00. My 341 meeting is Feb 8th, any advise

[bkfiler]

he can only take taxes for the year you are filing i bet. i know its like this 'tax' wise for some other things that are too complicated to speak about that im aware of. its a good question but until we hear differently im guessing that you should go claim 9 on the tax withholding

as a tax professional, attorney and a doctor before you take this advice. lol

[sunshine08]

Nobody else has feet like you do, so we don't need the doctor for advice.

[JimH]

Gosh,

well I just filed chapter 7 today and did my taxes today.. Its well over 1000.00. My 341 meeting is Feb 8th, any advise

If you efiled with direct deposit, there is a good chance you'll get it before your hearing - efiled with paper check, probably not - mailed return, no chance. If you get it before, spend it VERY wisely before the meeting. Keep receipts and take them with you. If he asks for the tax return money (which he probably will), you'll have to give it up if it's not already spent. He can always make you pay it back but it would be a mute point if you spent it on non-dischargeable debt, utils, food, etc.

[bkfiler]

i wonder what would happen if you told IRS to keep it to pay for taxes next year lol.

[Anassa613]

Its earned income and child care tax that is what makes it a little more. I have been hearing that the trustee cannot take that money. Because my return would only be 500 if i had no credits.

[pink_amulet]

We filed in sept, our 341 our lawyer said this trustee does NOT ask/care about the refunds. We were discharged and nothing was requested from the US trustee either .....We are filing as soon as hubby gets his w2.

As for the amount...it is funny, 2003 we got back $4300, (with $1400 being EIC) But last year (2004) we missed the cut off made by $300, so we didn't get the EIC.
However we got MORE of a refund...$5200, without the EIC...weird huh??. I don't get it....This year we again do not quailfy for the EIC and we are getting back appox $5600.
INFO:
Hubby has zero claiming zero, I do not work yet, and we are a family of 4. It has been the same since 2000.

pink_amulet

[bkfiler]

pinkamulotto, consider claiming more and taking that money out each payday and putting it into a money market account. then moving it into a CD as it grows larger. you can really make some extra money that way.

[Anassa613]

I know this sounds selfish but now Im thinking maybe I should have waited to file. Im very edgy now and I suffer from anxiety. My taxes I need as I am a single mother and made plans. I want to move that would help alot, pay for school etc. I have the tustees numbe but I dont want to call and say "hey Im getting a refund, are you gonna take it".