What is the name of your state (only U.S. law)?
Phoenix, AZ
We filed our bankruptcy last April 2011, and we received the discharge in August 2011.
I spoke to the trustee in Sept. or Oct. 2011 and asked how the 2011 tax year will be handled and if we owe again vs. getting a refund, etc. ...basically what do I do and how to handle it.
The trustee told me that he would be looking over our case in late Nov 2011 or early Dec. 2011. The trustee said that he will compare what our last 3 years returns looked like, and since we filed for a Chapter 7 and received the discharge, there is the possibility that the trustee would not be interested in our 2011 taxes/possible refund ....if it was less than $1,000. The trustee also said if we did not hear from him by the end of Dec 2011 or the latest the second week of Jan 2012, then he is not interested.
Well, last week, I ran through our 2011 taxes using turbo tax, and it is looking like we will be getting a refund of $1,000. The weird thing is I am still unemployed, my wife is still working, and we changed nothing (I mean nothing) in tax year 2011. We owed $250 for tax year 2010, so I have been assuming we were going to owe for this tax season.
Either way, I was wondering if we could do this......
There is a place where I can use all or part of this refund toward our 2012 taxes. Since we are borderline on if the trustee is going to require this refund be turned over to him, I was wondering if the trustee will cry foul and get angry if we applied the refund to 2012.
We have never applied any refunds to the next year taxes ever; not in any past tax year.
Anyway, I called the trustee last week to ask him questions, but he has not yet returned the call.
I mean if I have to fork over the possible refund (possible meaning I have not really gone through turbo tax, just went through in literally 15 minutes) then I will. It is just that we really could use the money as we are in the final stages of moving and really short on cash, but if I can recover it next year, then not a total loss.
Phoenix, AZ
We filed our bankruptcy last April 2011, and we received the discharge in August 2011.
I spoke to the trustee in Sept. or Oct. 2011 and asked how the 2011 tax year will be handled and if we owe again vs. getting a refund, etc. ...basically what do I do and how to handle it.
The trustee told me that he would be looking over our case in late Nov 2011 or early Dec. 2011. The trustee said that he will compare what our last 3 years returns looked like, and since we filed for a Chapter 7 and received the discharge, there is the possibility that the trustee would not be interested in our 2011 taxes/possible refund ....if it was less than $1,000. The trustee also said if we did not hear from him by the end of Dec 2011 or the latest the second week of Jan 2012, then he is not interested.
Well, last week, I ran through our 2011 taxes using turbo tax, and it is looking like we will be getting a refund of $1,000. The weird thing is I am still unemployed, my wife is still working, and we changed nothing (I mean nothing) in tax year 2011. We owed $250 for tax year 2010, so I have been assuming we were going to owe for this tax season.
Either way, I was wondering if we could do this......
There is a place where I can use all or part of this refund toward our 2012 taxes. Since we are borderline on if the trustee is going to require this refund be turned over to him, I was wondering if the trustee will cry foul and get angry if we applied the refund to 2012.
We have never applied any refunds to the next year taxes ever; not in any past tax year.
Anyway, I called the trustee last week to ask him questions, but he has not yet returned the call.
I mean if I have to fork over the possible refund (possible meaning I have not really gone through turbo tax, just went through in literally 15 minutes) then I will. It is just that we really could use the money as we are in the final stages of moving and really short on cash, but if I can recover it next year, then not a total loss.
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