Tell me tax refund is not income

[bkinfoseeker]

Under the means test a refund shouldn't be income since it was already earned. Right?! What about a refund from past years that were filed recently. I know income whether taxable or not is income but they can't mean ALL cash flows: a mail in rebate, work expense reimbursement, etc. I am not feeling comfortable with this notion of "income."

[FilingOnMyOwn]

Regardless, its still an asset.

[Minnymouth]

Unfortunately the Trustee has the right to go after your income taxes - and many do!!!! It's called the "greedy green thumb"..... if the only place he can get money out of you is your tax refund - he'll take it..... (man has to pay himself)...... and believe me they are paid well................
It doesn't seem "right" - BUT THAT'S THE WAY IT IS! And yes they will take whats in your checking account on the day of filing.

My Trustee has kept my case "open" for 475 days and still counting hoping to get his "fingers" on money from a law suit he's sure I'm gonna file...... I'm waiting him out for another 90 days then I AM PETITIONING THE COURT to close my case.... (the trustee is only supposed to be allowed to hold your case open 1 year after discharge) and mine still refuses to close mine... So I will take the matter to the Court myself...

Just hang in there, do what you have to do to get thru this, and then have a fresh start - no matter how hard it might be - it will be worth it.....

[bkinfoseeker]

OK, sorry. I was unclear. I have not filed yet. The refund was used for back rent and I am still short money. My question is could a refund from 2005 or even an earlier year be considered income on the means test if received within the 6 month period before filing. They can wait all they want for the end of this years return as I am underwithholding less than what I owe and will have both a withholding payroll expense and additional fed tax expense on my filing based on my estimated income tax.

[SinkingFast]

I sold some jewelry in November and happened to think the proceeds would be income. We asked the attny during our Consult on Thursday. He asked if I sold the jewelry for more than I paid for it. I said Nope, in fact I sold it for less than we paid. I had receipts to prove it. I also told him I can show the money was directly deposited into the bank and spent right back out again. The attny said the proceeds from the sale of my jewelry was not income.

Just guessing here, but I'd think the same would apply to income tax refund. It's your money, that you overpaid to the government being returned to you. You aren't making any real profit there. You just regained control of a cash asset that was being held by some one else, ie Uncle Sam.

[AMISLANDER]

Guess what happened on my W-4's...

I sold some jewelry in November and happened to think the proceeds would be income. We asked the attny during our Consult on Thursday. He asked if I sold the jewelry for more than I paid for it. I said Nope, in fact I sold it for less than we paid. I had receipts to prove it. I also told him I can show the money was directly deposited into the bank and spent right back out again. The attny said the proceeds from the sale of my jewelry was not income.

Just guessing here, but I'd think the same would apply to income tax refund. It's your money, that you overpaid to the government being returned to you. You aren't making any real profit there. You just regained control of a cash asset that was being held by some one else, ie Uncle Sam.

I went to check on my withholding exemptions. I had originally put 6 down, last year but someone in HR had changed it to 0!

So, I had a lot of money withheld from my checks, all last year, when it should have been the opposite. Guess the trustee is going to make out good!

Is there any way to figure out what my refund will be prior to taking my taxes in to be done?

I made $10.50 from 1/05 to 2/05 and $12 from 3/05 to the end of 2005. And my exemptions were ZERO

[bkinfoseeker]

Is there any way to figure out what my refund will be prior to taking my taxes in to be done?(

http://www.turbotax.com/tax_tips_and_resources/

Under Tax Calculators click Tax Estimator.

[SinkingFast]

You can actually go to www.turbotax.com, enter all your data and see how you are gonna come out for free. All you'll have to do is register. Then you can manually enter income and deductions info.

TurboTax won't let you see your income tax forms as the paper version looks unless you pay. But you'll know how much tax you'll owe, or how much refund you'll get, and you can view a summary. At least you'll have an idea in advance. And you don't have to pay unless you want to print your taxes or want to e-file.