I have my 341 meeting (Chapter 7) in about 30 days, I know I am supposed to send the trustee my latest tax return at least 7 days before my meeting, I havent worked since 2007 and cant find a copy of my tax return for that year, would an IRS Tax Transcript suffice?
That will depend on your trustee. You should call your trustee's office to determine if they will accept the transcript. Some trustee's have a website that will tell you what documentation formats they will accept.
A Tax transcript shows that the return was filed and processed by the IRS, so in my opinion, the transcript is better than the return.
Hope this perspective helps!
Yes the transcript should suffice. It provides the information they seek. I have used them in lieu of the return without problems when a debtor could not locate their filed returns.
The statute [11 USC 521(e)(2)(A)(i)] reads "The debtor shall provide not later than 7 days before the date first set for the first meeting of creditors, to the trustee a copy of the Federal income tax return required under applicable law (or at the election of the debtor, a transcript of such return) for the most recent tax year ending immediately before the commencement of the case and for which a Federal income tax return was filed."
So there are two points: a transcript of return is perfectly okay. But, more importantly, there is only one "tax year ending immediately before the commencement of the case," and that is 2011 for a case filed in to 2012. The "and" which connects the last two clauses means that you must produce the 2011 return (or a transcript) if you actually filed it. You didn't. So this particular section of the Bankruptcy Code does not require you to produce anything. Other sections of the code require you to cooperate with the trustee, and that might mean producing returns for prior years if they exist.
Bottom line: obtain a transcript of the 2007 return and send it to the trustee at least 7 days ahead of the meeting, just in case the trustee doesn't read the statute the same way I do. And testify under oath that you haven't filed any returns since.
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