Tax Refund Question~Again!!!Tis the Season!!

[lilgoose]

Bk was discharged Dec 29, 05 and filed on Aug 29, 05. Told we could keep $800 for exemption and then could keep 2/3 of the remainder because of filing the last 1/3 of the year. Received a letter from the trustee (which he did tell us in the meeting)stating that he only wants copies of our returns, but did not mention anything about taking any money from our refunds. We are to get just over $4000 from fed and about $450 from state. How do they figure the state %?

I do have to add that it is nice to have some place that you can go, ask questions and not feel as tho' you are alone and dumb!

[StaciMM]

I'd imagine that if they're going to touch the state, it would go by the same %. Since you filed 2/3 of the way thru the year, that would the ratio.

By the way-the 2/3 should be of the total amount:

The part of the $4,000 that is part of your BK estate is ~$2,667, less your exempted $800 leaves $1,867 max for the trustee. (Rather than 2/3 of non-exempt refund, which would be $2,144.) If part of that is EIC or child tax credit, however, chances are decent that he can't take that part. *There may be some states that say otherwise, but this seems to be the general consensus.

[bkfiler]

lilgoose, questions arent dumb - its people that are dumb. wait what did i just say! lol

i agree with you. its nice to have a place to ask anything. and get a good response too.

staci has a good point. make sure the trustee follows it.

[lilgoose]

Oh, some days I think I fit that in that catagory!!! I think that comes from being around my 5 yr old all day......

Yes, she did give me some great advice! I don't think we will have too much problems with our trustee. He really was great and made the process so much less humiliating as I have read that others have gone thru.

I don't know if he will take any money or not because he knows our refund was around $4800 last year. All he has asked for is copies. So, keeping our fingers crossed that he won't mess with it...If he does, we'll pay him and go on.

I feel bad for those who are having to give up so much along with the emotional damage they have to endure. It is sad that this country is so stuck on putting everyone in a catagory. Let's see.....We have our Christians and we have our Athiets.....We have our Democrats and we have our Republicans....We have people who can really sing and we have our shows that make fun of those who can't.....Isn't this a great country or what?????

Okay, this is the second time I have rambled on and on.....

[FlaMama]

I got the same letter from our Trustee, just says to send him a copy of the filing. Says nothing about the refund. I guess he'll address that after he sees what our refund will be.

[lilgoose]

I suppose it would be too much to think we could land in the land of the Munchkins??? Maybe Glenda will wave her magic wand and the house will land on the trustees!!

Toto, we aren't in Kansas anymore..........

It is going to be a little less than last years (kept a lot of the itemized things out and will amend this summer), but kept it up within a reasonable amount so that there doesn't seem to be too much difference that the ol' eyebrows will meet the hairline!

I'll keep my fingers crossed if you will too!