My mom filed bankruptcy last year and she just can’t afford to help me. I am 20 yrs i will claim about 16-17k on my tax return from doing landscapeing this year. I pay for school, rent(8months where i go to school and i give my mom about 250 a month in the summer), car insurance, truck, and really everything except i’m on my mom’s health insurance(teacher). Can i claim myself? and how would it hurt my mom not being able file me as a dependent, and how much would it help me as far as paying taxes on my business and paying for school? Thanks

Technorati Tags: bankruptcy, car insurance, health insurance, insurance, mom, paying taxes, school thanks, summer car, tax return

I need help, Please.

I lived in PA my whole life, own a home there. I lost my job 1.5 years ago, and I had to file bankruptcy in april of 2007. For the past 8 months I have been staying with a friend and working in Missouri. But my home is in PA, but been using my friends address for local employment.

My question is:

Do I file my federal and state taxes for Pennsylvania like I always have? If I do that, and on my PA forms, put down taxes that were paid to MO, or do I have to file MO only, and if I do that, PA will be looking for me for taxes? Or if I do the PA income tax, will MO be after me for a tax return?

Also, does my bankruptcy and chapter 13 payment plan affect my tax return at all?

I am in need of help. I always do my taxes myself cause I cannot afford to pay an accountant right now.

Please help.

Technorati Tags: accountant, bankruptcy, chapter 13, income tax, job, pennsylvania, state taxes, tax return, whole life

I am filing a chapter 7 bankruptcy which will not include my wife. I have been unemployed for one year and have no income for 2009 but my wife had significant income. If we file a joint tax return, we will get ,000.00 back. If that happens, will the bankruptcy court take all of it even though it was based on my wife’s income?

Technorati Tags: bankruptcy court, chapter 7 bankruptcy, tax return

Hi,
I got married last summer, and I am planning to file for bankruptcy in 6 months. my wife and I don’t have any joint accounts. so I would file just for myself so that she duos not have to pay for my mistakes.
my question is this, if we file a joint tax return this tax season (which would help us allot with our taxes)
would that be seen in court as if she needs to file too? would it seem like she is also accountable for the money that I need to pay back, since we are filing a joint tax return?
or should we just pay more in taxes and be safe?

Technorati Tags: bankruptcy, joint accounts, money, tax return

If I am holding a company’s stock and the company was file bankruptcy few years ago, can I claim the deduction in my tax return? what do I need to do in order to claim the deduction?

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My husband and I were in a debt settlement program. I am wondering if we’ll have to claim this on our taxes? I know we’ll have to claim it, but will we have to pay? This is what our debt program states on their website and what we were told by them:

Creditors are required to report canceled debts exceeding 0 to the IRS and you are supposed to report the same as income on your annual tax return. However, the IRS permits you to write off any “income” from canceled debts up to the amount by which you were “Insolvent” at the time. Therefore, unless you have a positive net worth, then you ordinarily will not be obligated to pay taxes on the forgiven amounts. Additionally, if you do not qualify as insolvent non principal amounts such as fees accumulated on the account may be deducted from the amount reported.

We’ve never had to pay but always received money back. Will this deduct from the money we should receive?

Technorati Tags: creditors, debt program, debt settlement program, debts, irs, money, net worth, principal amounts, program states, tax return

If debt settlement is reached with credit card companies, when will they generally complete the 1099C? I have received two different answers. The first is once the settlement has been reached. The second is when the account is actually closed. We have two accounts which we are considering settling. Cannot afford the taxes ramifications on "both" in the same year. Should we settle one in 2010 and pay on that year’s tax return and settle the other in 2011 to spread out the IRS payments?
The debt would be in excess of 0.

Technorati Tags: 1099c, credit card companies, Debt Settlement, irs payments, ramifications, tax return

I heard that they could take your tax return. Just wondering if anyone has experience with this?

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If you file ch. 7 do they take your cars, paid off old cars, worth probably 00 together? And also, what happens with your tax return if you get one, after the case is filed, do they take that too? Filing bankruptcy this month, will file taxes in March ‘11.

Technorati Tags: filing bankruptcy, march 11, old cars, tax return

I own stocks that the company went bankkrupt and I was not able to sell them since nobody was buying them. Currently its still listed in my portfolio as a loss and stock value at 0.001. Is it possible to deduct the capital loss on my tax return..? How can I deduct the loss since it wasnt sold?

Technorati Tags: capital loss, stock value, stocks, tax return

me and my husband are thinking of filing bankruptcy and i had heard that you lose your tax return is this true. we live in missouri.

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I have a large amount of revolving debt. I’m current on my payments, but I have little left over to live on every month.

I’m expecting a big tax return. It won’t be enough to pay off all of my debt. BUT, if I stop making payments for 2-3 months, save the amount I would have paid, and add it to my refund, I should have enough to settle with the companies and eliminate all of my debt (assuming they’ll negotiate with me on a final amount).

I realize that I’ll have to stop paying and threaten to declare bankruptcy before they’ll negotiate with me, and that it will harm my credit. I would probably be able to pay off my debt eventually, but it might take me 5-10 years, maybe longer. I feel like things I want to do will have to be postponed because of it.

Also, I’m still in college and not planning on buying a home or applying for a car loan or anything for a few more years.

Would it be better to take the hit on my credit rating and get rid of my debt now by negotiating? Or should I tough it out, keep my credit intact, and pay the full amount (which will be thousands more with interest by the time I get it all paid off).

Thanks

Technorati Tags: 10 years, bankruptcy, buying a home, car loan, credit rating, few more years, revolving debt, tax return

We’ve been together for 5 yrs, but he has fed student loans that are being garnished, I have 3 kids, own the house, both our names are on the vehicles and at the end of the yr, I get a decent tax return that we practically live off of, we just want to make sure we can get married and not jeopardize that, or worse they use my assets to settle his debt. Also, I don’t want to lose that tax $$$

Technorati Tags: assets, student loans, tax return

I owe 00 to the IRS from a 2005 return. I did an Offer in Compromise for this debt to find out that they will take my tax return for the next 5 years until it is paid in full. What is the point in settling a debt if they are going to take the money anyway? I need my return to keep afloat. So if I file Chapter 7 now and include this debt which many lawyers told me that I can – then after the Chapter 7 is discharged I can file my return and get my refund right? If I am going to file might as well do it now and and get an extension to the April 15th deadline. Let me know.

Technorati Tags: chapter 7, irs, lawyers, money, offer in compromise, tax return

Im helping a friend with their tax return, and Im finished with it, but he just mentioned that hes thinking of filing bankruptcy, could that affect his refund, could the goverment take it away or what
is the process. Im familiar with most returns just not bankruptcy.

Technorati Tags: filing bankruptcy, goverment, tax return

We got a large tax return this year in early February. We are now in the process of filing chapter 13 and have to provide 6 months worth of income history. Will the trustee consider our 5,000 tax return as part of our income? I know that they will take future returns. We actually had to file an amendment and now have to pay 2,700 of that back anyway, so it was really only 2,300 in excess. Also, can I include this tax debt in my repayment plan?

Technorati Tags: chapter 13, future returns, income history, repayment plan, tax debt, tax return, trustee

The Suleman family thinks that explaining to us her messed up past is going to make us feel sorry for her….NO! And that her 165K workers comp is what paid for her invitros, NO again, maybe part, but each in vitro alone costs 40,000 a piece, lets see, she had 6 kids prior, all from invitro… You do the math. Not to mention the ever mounting child birth and NNICU bill is building every day. 165 K doesnt cover even the tip of the iceburg with this woman. She’s sick and delusional. She has put every single one of those little lives in danger for her OWN fulfillment, selfish much… Let me tell you something hunny, having kids doesnt cure your depression. Plus dont you think that with 165K coming your way, that you WOULDNT file bankruptcy, ABANDON a house, and live with mommy and daddy.

Now every show this piece of trash goes on, shes going to try and give America her sob story, sugar coating her lifes f*** ups, and messed up childhood, and attribute everything to her not being able to have kids… Let me tell you something else, GOD made you this way cuz he didnt want crazy b****s like you having kids in the first place. Its called natural selection!

I for one being a california, expecting an IOU for a tax return and watching my home state go down the crapper cuz of overbreeding freeloaders such as yourself squeeze every last tax dollar out of us and abuse our welfare and medi-cal system, I for one hope Californians give you HELL enough for your freeloading, selfish media attention seeking a**, that you’ll give up here and move back to your infidel homeland in Iraq, and become some other governments burden… California already has enough strains here having to deal with illegals.

Anyone else feel the same, or are you one of those people that think this womans pregnancy and successful births are a "miracle"?
And for all you religious people out there, definition of a miracle is DIVINE INTERVENTION IN HUMAN AFFAIRS, this was in no means a miracle.

See article link below:

http://www.nydailynews.com/lifestyle/2009/02/03/2009-02-03_nadya_suleman_must_be_kidding.html
The only positive thing i see out of this, is at least they will change those invitro "guidelines" and make a set limit law to how many eggs you are allowed to have implanted at a time. The government would be fools to not do that and let trash like this happen again.
Very worth while link to read.. If you dont read it, here is the jist of it. On top of the initial fertility treatments of clomid, which is the first steps of fertility treatment, and when that doesnt work come sthe next step in the process, retrieving and storing the eggs, which costs a hefty sum to store, and mind you Nadya had hers stored for 7 years. Then she had to have had her UNETHICAL ivf treatment form her fert doc, check out the overwhelming child costs and deliver estimates…. Astonishing, now try to tell me that she could do that on 165,000, taking in account her now premie babies who will most likely need help for life. The diapers, the food, 14 children, dumb A$$ selfish bi***!

http://www.webmd.com/infertility-and-reproduction/guide/in_vitro_fertilization

Technorati Tags: article link, births, californians, child birth, divine intervention, freeloaders, human affairs, iou, medi cal, media attention, miracle, mommy and daddy, natural selection, single one, strains, sugar coating, tax dollar, tax return, ups, vitro

I just recently file Chapter 13 Bankruptcy in Oct 2007, wondering if I have to surrender my tax return to the trustee?
Any light on the matter would be helpful? I filed in tennessee but live in Georgia

Technorati Tags: chapter 13 bankruptcy, tax return, tennessee, trustee

I am currently 30 years old and a stay at home mom with 1 kid and 1 on the way. I do not own anything in my name. I plan on going back to work next year by March 2010. I had a credit score of 700 about 3 years ago. I lost my job about a year ago and racked up about K in credit card and medical bills. My credit score is probably not that great anymore. My boyfriend does not make enough money to pay the credit cards any longer. We were going to start next month and NOT pay them at all. We were paying the minimums before but need the money to eat and feed the kids now. We are thinking about filing bankruptcy but not sure if it’s the way to go. Here are my questions:

1) Do you think BK is the way to go?
2) Will the stores come and take my belongings if I file for BK (such as the television)?
3) Is it better to file for BK after filing for tax return? (So they don’t take the refund)
4) Will it be a problem trying to find a job in the accounting/finance field if I file for BK? (As some companies may do credit checks.)
5) Do you think I should talk to the credit card companies before I go filing for BK? I doubt they would really help me though.

Technorati Tags: 3 years, accounting, belongings, bk, credit card companies, credit cards, credit checks, credit score, enough money, filing bankruptcy, finance field, job, medical bills, stay at home, stay at home mom, tax return, television