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During your bankruptcy how many weeks does it take to receive your income tax check?
I am asking how long for the trustee sends me the amount I am supposed to get on my income come tax check.
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
Can the trustee still come after your income tax return even if your bankruptcy is discharged?
Maybe. It depends upon the amount of time that has elapsed between the BK discharge and the receiving of the tax refund. Generally any refund that can be seized by the trustee must be pro-rated.
If you have a chapter 7 discharged and then something happens with your home can you open a chapter 13 to save your house then you change your mind and the chapter 13 is dismissed what does thi?
What happens if you have paid all fees for a chapter 7 bankruptcy and your trustee tells you to turn over your income tax check and you don't because you are laid off and you are using the income tax check to pay bills and medical expenses and the trustee has threaten to revoke your bankruptcy due to non payment of your income tax check
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
Do banks report to IRS trust check amounts issued?
You should know that this is done the IRS and the trustee each receives an information showing the amount of income that was received for the year and that information would be used to report the income on the trust income tax return.
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Is Payroll Tax considered Income Tax?
Yes. Any tax on income is income tax. Taxes imposed after income, such as sales tax, aren't.
What is a Fedeal income tax?
A income tax is a tax levied on the income of individuals or business.
Georgia-Pacific can i receive a cash payout from my retirement plan if I have less than 15 years with the company and I am only 62 years old I am also receiving social security disability payments?
You should get this information from the trustee of the retirement plan. But for income tax purpose you should be able to BUT the taxable amount of the distributions will be subject to income taxes at your marginal tax rate. It is also possible that from 50% to 85% of your SSB can also become taxable income at your marginal tax rate on your 1040 federal income tax return.
Is Net income before or after tax?
Net income is what you get after tax, gross income is before tax.
Can a trust open an account in a bank?
Yes, the trust is a separate legal entity just like a person, corporation or business and may own bank accounts in its name. In order to open an account, the trust must first obtain a taxpayer ID number, also called an employee identification number, for the trust. This is similar in concept to an individual's social security number, because the trust is a legal entity and it will have to report income for income tax purposes. If the trust accumulates and keeps income it earns, then the trust has to pay income taxes on that income. If the trust pays out all income to the beneficiaries, then the beneficiaries will pay the income taxes. In either event the trust has to file a tax return to either pay the income taxes or report the giving of the income to the beneficiaries so they can pay the taxes. In addition, the trustee may be required to obtain documentation from the local probate court to prove that the person claiming to be the trustee is in fact the trustee.
