The Earned Income Credit (EIC) percentage of your taxation refund has unique therapy in Kansas. Kansas legislation considers the EIC percentage of your refund exempt (KEEP) in bankruptcy, but only when it meets listed here two needs:
- The refund should never are gotten during the right time your bankruptcy is filed.
- You will be just permitted to claim one 12 months of EIC reimbursement as exempt.
This means you have to claim as exempt the EIC part of one income tax reimbursement that you definitely have not yet gotten. This would mean they would claim the EIC portion of the next tax refund they receive as exempt for most people. For instance, in the event that you filed your bankruptcy on 9/1/2020, your 2020 taxation reimbursement will be gotten sometime within the 12 months 2021, and you also will be in a position to claim the EIC percentage of that 2020 taxation reimbursement as exempt. The part of the reimbursement which is not EIC could be considered non-exempt, and it is at the mercy of return, as suggested when you look at the reimbursement For Future tax statements part above).
Simple tips to Invest a Tax Reimbursement Before Bankruptcy
Before we address the numerous ways you can invest a taxation reimbursement before you file bankruptcy, i have to stress everything you canвЂ™t do with a taxation reimbursement:
- NEVER provide any portion of the taxation reimbursement to your friend for just about any explanation. (more…)