Tax question

[bkadv]

Just wondering...if we are scheduled to turn over our Federal taxes, does the court take the state taxes also? and we have two small children. I've read something about they can't take the amount of the child tax credits. Anyone have any advice? Thanks!

[bkfiler]

try a search on her for tax and child, etc.

maybe post when you filed bk and when your 341 is so people can give you some better info.

im havnt seen anything about a trustee taking state taxes but money is money so i guess he could. not so sure he does though.

[Minnymouth]

When trustee says send me your income tax refund - he means them both................he normally does not just specify federal.

[bkadv]

Also, since our case was not filed until September does that mean they take like 75% or something like that? Case was discharged on Dec 22.

[bkfiler]

ive never seen the law that says they can take it anyways or how much they are allowed to take but yes its a pro-rated amount for how much time in the year went by before you filed. calc it by weeks imo to get a decent idea of what he will take if he does.

what i want to know is for people filing this year. i wonder why he cant keep the cae open until you get your taxes for the first few months of this year?

also, if you file this year why cant he take your takes for all of last year too and wait for taxes for this yaer as well.

im dumfounded on this whole tax thing. i just dont see how its his to take. i dont know - i guess its cash on hand if he waits and thats why he can take it.

lesson learned. when things get tight - claim as many as possible so you dont owe anything to a trustee. but watch out for owing to omuch to the tax man either lol.

[StaciMM]

Most people who file in the beginning of a year wait until after they have received-and spent-their refund. If you don't have it, it isn't an asset. And, the general consensus seems that trustees like easy money and don't want to 'work' on a case, keeping it open for most of a year, to be able to get a small % of a possible tax refund. (If you file in March, for example, the max the trustee gets is 25% and people could easily adjust their withholding so they won't get a refund...) Its not that the trustee CAN'T take it, but it isn't worth much...

And, income taxes are a BK asset because it is money earned and (potentially) owed to you at the time of filing. A forced savings account of sorts.

[bkfiler]

so you are saying they prob could but its all based on numbers and cash rewards (like almost everything to do with bk so far its seems).

makes sense, thanks.

[StaciMM]

As far as I know... Keep in mind that in alot of cases, they could ask for the $3.75 that was in your checking account when you filed. (Some states don't have a wild card or cash exemption.) I guess the average trustee would rather go after a desk than pocket change though!

[bkfiler]

As far as I know... Keep in mind that in alot of cases, they could ask for the $3.75 that was in your checking account when you filed. (Some states don't have a wild card or cash exemption.) I guess the average trustee would rather go after a desk than pocket change though!

and now you have finally accepted what i struggled to teach you when i first came here! ah ha! you see! they want the desk. the truste always wants the desk.

[StaciMM]

Yeah, but it took about 2 hours for DH & I to put together our desk, and we certainly would NOT volunteer to take it apart for him! No one wants OUR desk.

[bkfiler]

well if you helped put it together then i dont doubt it.

why did he let you help him? did you force yourself into the situation?



*sigh - on little house on the praire the girls would be washing the sheets*

[StaciMM]

I didn't want to help - I had to read the directions, and there were some pieces that required 2 people.

[bkfiler]

thats 'your' story. whats his.

[StaciMM]

That men don't need no stinkin' directions.

[bkfiler]

well we dont. its all logics. we look at it, it makes sense and we do it.

we dont sit there and say "i would love if this peice were to go here. that would relly make me feel special and wanted if that peice was to fit here. oh! and if this piece was to be a shelf here then i could put my flower showing how much im loved right here..."


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