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When should I file taxes if I recently filed bankruptcy

How soon after Filing bankruptcy should I file taxes
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1 Reply
MonikaK1
Expert Alumni

When should I file taxes if I recently filed bankruptcy

In general:

 

  • The Bankruptcy Code requires a debtor to file an individual tax return, or request an extension.
  • If you’re a Chapter 7 debtor, file a Form 1040 the same way you normally would. Your bankruptcy trustee should file a Form 1041 for the bankruptcy estate.
  • If you file for bankruptcy under Chapter 11 and you’re acting as your own bankruptcy trustee, you’re required to file both the individual 1040 individual return and the 1041 bankruptcy estate return.
  • In a Chapter 13 bankruptcy, you’re required to file your taxes and any refund typically becomes part of your bankruptcy estate to be used for payments to creditors. Your trustee will file Form 1041 for the bankruptcy estate.

See this TurboTax tips article for more information.

 

You may wish to seek the advice of an attorney regarding your specific situation.

 

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