charseto-8859-1
More than 2 years is not POE - it's excluded specifically by statute.
Between 1-2 years it can be exempted up to $5,850 (under the version of the Code that was amended after Eisenhower was in office). That exemption can be buttressed by the wildcard.
On Dec 20, 2012, at 1:44 PM, Mark J. Markus wrote:
> Understood, but in this case it's way more than the wildcard can cover, and I have others telling me that it is the opposite (i.e. that deposited within 1 year IS POE and that deposited more than 2 years prior is NOT POE.
>
> I also have no idea what's supposed to go in this "record of interest" that's supposed to be filed with the court.
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web:
http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
>
> This Firm is a Qualified Federal Debt Relief Agency (see what this means at
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
> On 12/20/2012 1:41 PM, Jay S. Fleischman wrote:
>> You are correct, but nothing saying you can't use the wildcard to protect newer money.
>>
>> On Dec 20, 2012, at 1:25 PM, Mark J. Markus wrote:
>>
>>> I'm a bit unclear on which portions of qualified education IRAs (IRC 530(b)(1) and 529(b)(1)) are excluded from property of the estate pursuant to 11 USC 541(b)(5) and (b)(6)
>>>
>>> The statute seems to say that everything deposited within one year prior to filing the bankruptcy is excluded; up to $5,850 is excluded if deposited between 1 and 2 years prepetition, and nothing is excluded if deposited more than 2 years prepetition.
>>>
>>> Is that correct? Seems like it's encouraging people to deposit more into the accounts closer to filing bankruptcy. That's odd.
>>>
>>> Also, does anyone have the form required by 11 USC 521(c) ("record of interest") that needs to be filed?
>>>
>>> Thanks...
>>> Mark
>>> --
>>>
>>> --
>>>
>>> ******************************************
>>> Mark J. Markus
>>> Law Office of Mark J. Markus
>>> 11684 Ventura Blvd. PMB #403
>>> Studio City, CA 91604-2652
>>> (818)509-1173 (818)509-1460 (fax)
>>> web:
http://www.bklaw.com/
>>> Certified Bankruptcy Law Specialist- The State Bar of California Board of Legal Specialization
>>>
>>> This Firm is a Qualified Federal Debt Relief Agency (see what this means at
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
>>> ________________________________________________
>>> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>>>
>>>
>>
>
charseto-8859-1
More than 2 years is not POE - it's excluded specifically by statute.Between 1-2 years it can be exempted up to $5,850 (under the version of the Code that was amended after Eisenhower was in office). That exemption can be buttressed by the wildcard.On Dec 20, 2012, at 1:44 PM, Mark J. Markus <
bklawr@yahoo.com> wrote:
The post was migrated from Yahoo.