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Posted by: DMR on 03/02/05:In Reply to: Re: Re: Re: Exempting Tax refunds using Fed Exemptions!!! posted by: Elmo on March 02, 2005 at 14:24:01:
: : : From my experience only, as I am not an attorney, and would highly recommend getting one; I exempted by tax return using the federal exemptions.
: : Had an online chat with an attorney last night. Apparently I can use Code (D)(5) to exempt all my tax refund.
: 522(d)(5) is for federal wildcard or unused homestead exemption that can be applied to any property. Your state has to allow it and federal exemptions must be selected when you file.
We do not own any property and we are using the Federal Exemptions. We live in PA and we have that option. When you say "your state has to allow it" do you mean using Federal Exemptions or.... can a State override Federal Exemptions (pick and choose)even I if choose Federal Exemptions and not allow us to keep the tax refund?
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