Under McCain's plan, EVERYONE who is a legal American will get a $5,000 tax credit to find health insurance (even if you already have one)
why should Oprah and Donald Trump get a credit?
Why should Donald Trump get a $5,000 tax credit to find health insurance?
Why should people with jobs have to pay for the ones that dont?
Reply:I like obamas plan for health care while I will get to keep my plan it will be lower and those who have no health plan will be able to get the care they need this is the most humane way. I don't mean to sound mean but if someone doesn't have any doctor at all for themselves and their kids do you really think they would care if they had a list to pick from. I doubt it. So Mc Cains argument is bogus. Also Mc Cain being in the military was benefiting from this.
Reply:he should pay taxes on the $20,000 free insurance he gets because that is INCOME.
Too bad Obama figures that Trump deserves to get that insurance TAX FREE while a family that pays it's own insurance doesn't even get to deduct the monthly premiums.
Dems always seem out to hurt average people and protect the rich like Gates and Trump .
Reply:The only people who need the $5000.00 so called tax credit should be those with incomes below $150,000.00 .
Since only 10% of Americans make over this amount We will only save a few hundred million ,but we need every dime of it these days .
Reply:Yea, and under Obama he can get it "free" from the government. ("Free" since everyone will pay taxes to cover it).
Reply:Hey - be nice about Donald. I don't think he filed for bankruptcy yet this year. The poor, poor boy.
Saturday, October 24, 2009
Does anyone know if the EIC or child tax credit are included in the delay of fed returns being processed?
The dependent care credit (if claimed on Schedule 2 attached to Form 1040-A) was one of the delayed areas.
Many returns with EIC claims are being delayed if there are fraud flags on the return, such as dependents switching from one taxpayer to another or maximum EIC claims based upon undocumented self-employment income. There has been significant EIC fraud in recent years so the IRS is watching those claims much more closely.
Does anyone know if the EIC or child tax credit are included in the delay of fed returns being processed?
Not with Jackson Hewitt... had my FED return within 48 hours.
Reply:No, the EIC and child tax credit are not included in the delay. It was just the child and dependent care credit.
Reply:No. It is the dependent care credit I believe
azalea tree
Many returns with EIC claims are being delayed if there are fraud flags on the return, such as dependents switching from one taxpayer to another or maximum EIC claims based upon undocumented self-employment income. There has been significant EIC fraud in recent years so the IRS is watching those claims much more closely.
Does anyone know if the EIC or child tax credit are included in the delay of fed returns being processed?
Not with Jackson Hewitt... had my FED return within 48 hours.
Reply:No, the EIC and child tax credit are not included in the delay. It was just the child and dependent care credit.
Reply:No. It is the dependent care credit I believe
azalea tree
Can dollar for dollar tax credit work?
If you don't know what it is, it is a welfare/taxation system wherein the government is in no way responsible for welfare and social services directly but instead allows for individuals to write everything off of their tax returns. It basically privatizes everything from education to disability services in to a competitive, non-bureaucratic free market and leaves all the spending up to the individual.
I myself am in a wheelchair and can not express how crappy government agencies are with providing things etc. what with all the red tape. Sometimes it'd just seem like it'd be easier for me to go out and buy what I need and somehow charge it on a magical government credit card.
So would a system like this work? I understand it leaves more room for tax fraud but that's nothin' good ol' coercion can't solve.
Can dollar for dollar tax credit work?
If it is a refundable tax credit (if your credit is greater than your taxes they send you a check) it would work in principle. The earned income tax credit works that way now. The IRS spends a lot of resources to control fraud in the program even though it is easy to keep track of income records with social security numbers and the amount is a fixed formula. I don't think the IRS can monitor government payments for other purposes, and the fraud problem would be massive. Part of the reason that "crappy government agencies are with providing things etc. what with all the red tape" is to discourge people from using them.
Reply:I'm all for competitive free markets in place of government operations wherever possible. The problem with tax credits though is that 1) they don't help you pay for things up front when you need the money -- they reimburse you much much later; 2) it wouldn't help someone with who doesn't make enough money to have taxable income in the first place.
A similar alternative is vouchers: if we feel the government should fund something like education or other services, then government supply a voucher so the consumer can choose where to spend it.
I myself am in a wheelchair and can not express how crappy government agencies are with providing things etc. what with all the red tape. Sometimes it'd just seem like it'd be easier for me to go out and buy what I need and somehow charge it on a magical government credit card.
So would a system like this work? I understand it leaves more room for tax fraud but that's nothin' good ol' coercion can't solve.
Can dollar for dollar tax credit work?
If it is a refundable tax credit (if your credit is greater than your taxes they send you a check) it would work in principle. The earned income tax credit works that way now. The IRS spends a lot of resources to control fraud in the program even though it is easy to keep track of income records with social security numbers and the amount is a fixed formula. I don't think the IRS can monitor government payments for other purposes, and the fraud problem would be massive. Part of the reason that "crappy government agencies are with providing things etc. what with all the red tape" is to discourge people from using them.
Reply:I'm all for competitive free markets in place of government operations wherever possible. The problem with tax credits though is that 1) they don't help you pay for things up front when you need the money -- they reimburse you much much later; 2) it wouldn't help someone with who doesn't make enough money to have taxable income in the first place.
A similar alternative is vouchers: if we feel the government should fund something like education or other services, then government supply a voucher so the consumer can choose where to spend it.
Can you write-off or deduct the convenience fee charged for paying property tax bills via credit card?
I live in Orange County, California. The tax assessor's office is offering the ability to pay my property tax bill by credit card (thus earnings me miles) through a third party vendor who charges a "convenience fee" of 2.5%. If I can deduct the fee, then it is a good deal for me. However, I'm not sure if I can.
Can you write-off or deduct the convenience fee charged for paying property tax bills via credit card?
I doubt it. It's not a tax and isn't part of your property taxes. The county reports how much your taxes are.
Reply:No. You will only be able to deduct the amount paid for property taxes.
The convenience fee is not a tax, so it would not be deductible.
Reply:No. Not deductible. It is a personal expense.
Can you write-off or deduct the convenience fee charged for paying property tax bills via credit card?
I doubt it. It's not a tax and isn't part of your property taxes. The county reports how much your taxes are.
Reply:No. You will only be able to deduct the amount paid for property taxes.
The convenience fee is not a tax, so it would not be deductible.
Reply:No. Not deductible. It is a personal expense.
If i work 20 hours and my husband works 16 hours, we have child age 2 how much working tax credit will we get?
hello,
i work 20 hrs with minimum wage and husband works 16 hrs with minimum wage and we have child aged 2 yrs with no childcare,how much working working tax credit will we get as together or seperate and will i get seperate working tax credit
If i work 20 hours and my husband works 16 hours, we have child age 2 how much working tax credit will we get?
Hi there!
Have a look at the below web site link, this should be able to help you answer your question.
Good Luck
i work 20 hrs with minimum wage and husband works 16 hrs with minimum wage and we have child aged 2 yrs with no childcare,how much working working tax credit will we get as together or seperate and will i get seperate working tax credit
If i work 20 hours and my husband works 16 hours, we have child age 2 how much working tax credit will we get?
Hi there!
Have a look at the below web site link, this should be able to help you answer your question.
Good Luck
May I claim a tax credit/ deduction for tuition and supplies I paid for my dental hygiene classes?
The program will give me a certificate, not a degree. I also have$2500 I paid to the school for supplies. I was required to purchase these supplies directly from the college.
May I claim a tax credit/ deduction for tuition and supplies I paid for my dental hygiene classes?
Yes you can, based on the information you provided your expenses meet the qualifications for the Hope/Lifetime Learning Credit
Qualified Education Expenses
For purposes of the Hope credit, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution.
Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.
Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.
Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.
Publication 970
http://www.irs.gov/publications/p970/ind...
Reply:Yes BUT only if you worked as a dental hygienist during the course. Or you worked in some similar capacity. It must be expenses related to your current income source.
Reply:Is the school an eligible institution for FAFSA student aid? If not you can't take the Hope or Lifetime Learning credits. If students in your program at your school are entitled to apply for FAFSA aid, then you can take those credits for both the tuition and the supplies. The credits are available for post-secondary education at eligible institutions - it's not a requirement that you're in a degree program.
lily
May I claim a tax credit/ deduction for tuition and supplies I paid for my dental hygiene classes?
Yes you can, based on the information you provided your expenses meet the qualifications for the Hope/Lifetime Learning Credit
Qualified Education Expenses
For purposes of the Hope credit, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution.
Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.
Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.
Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.
Publication 970
http://www.irs.gov/publications/p970/ind...
Reply:Yes BUT only if you worked as a dental hygienist during the course. Or you worked in some similar capacity. It must be expenses related to your current income source.
Reply:Is the school an eligible institution for FAFSA student aid? If not you can't take the Hope or Lifetime Learning credits. If students in your program at your school are entitled to apply for FAFSA aid, then you can take those credits for both the tuition and the supplies. The credits are available for post-secondary education at eligible institutions - it's not a requirement that you're in a degree program.
lily
How is Bush & McCain's 'child tax credit' to the bottom 40% NOT "Spreading the wealth around" OR "Welfare"?
Aren't he and Bush doing EXACTLY what they are accusing Obama of doing except that they aren't going to ask the wealthiest Americans to pay for it?
How is Bush %26amp; McCain's 'child tax credit' to the bottom 40% NOT "Spreading the wealth around" OR "Welfare"?
and that exception makes all the difference doesn't it.
Reply:There are two tax credits currently in the tax code.
The Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
CTC is a tax credit for lower income families with dependent children. EITC, enacted in 1975, is a tax credit for lower income families but the credit increases if they have dependent children. CTC is nonrefundable which means that it can reduce a families tax liability to zero but not below zero.
EITC is refundable, which means that it can actually reduce a families tax liability to below zero so that they may receive a tax 'refund' even if they didn't actually owe any federal income tax. This is sometimes referred to as 'welfare' by critics of the EITC, but the intent is exactly the opposite: Individuals cannot receive a 'refund' unless they have a job and file a federal return.
When you hear that 30% of working families pay no income taxes, this is why. Despite the republicans attempt to pin this on Obama, this has been occurring since well before the Wall Street Journal first wrote about it in 2003: http://www.opinionjournal.com/editorial/...
In fact, Bush's 2003 tax cuts increased the CTC from $600 to $1,000, thereby exacerbating the problem, if you consider this to be a problem.
The fact is that these two tax credits combined cost the federal government about $45 billion per year. Compared to the $2.9 trillion annual budget in 2008, this is less than 1.5% of the total.
To accuse Obama of creating this situation is a little disingenuous to say the least. He has proposed an additional $500 refundable credit for lower income families but again the issue of tax credits for the poor has existed for a long time.
How is Bush %26amp; McCain's 'child tax credit' to the bottom 40% NOT "Spreading the wealth around" OR "Welfare"?
and that exception makes all the difference doesn't it.
Reply:There are two tax credits currently in the tax code.
The Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
CTC is a tax credit for lower income families with dependent children. EITC, enacted in 1975, is a tax credit for lower income families but the credit increases if they have dependent children. CTC is nonrefundable which means that it can reduce a families tax liability to zero but not below zero.
EITC is refundable, which means that it can actually reduce a families tax liability to below zero so that they may receive a tax 'refund' even if they didn't actually owe any federal income tax. This is sometimes referred to as 'welfare' by critics of the EITC, but the intent is exactly the opposite: Individuals cannot receive a 'refund' unless they have a job and file a federal return.
When you hear that 30% of working families pay no income taxes, this is why. Despite the republicans attempt to pin this on Obama, this has been occurring since well before the Wall Street Journal first wrote about it in 2003: http://www.opinionjournal.com/editorial/...
In fact, Bush's 2003 tax cuts increased the CTC from $600 to $1,000, thereby exacerbating the problem, if you consider this to be a problem.
The fact is that these two tax credits combined cost the federal government about $45 billion per year. Compared to the $2.9 trillion annual budget in 2008, this is less than 1.5% of the total.
To accuse Obama of creating this situation is a little disingenuous to say the least. He has proposed an additional $500 refundable credit for lower income families but again the issue of tax credits for the poor has existed for a long time.
When will I receive this economic stimulus tax credit? My husband should be the one getting it..?
I heard it's being done by the last 2 #'s of the SSN. His are low so he should be on the early end. Any ideas of when because we are BROKE and need it!
When will I receive this economic stimulus tax credit? My husband should be the one getting it..?
Here is a link you can plug in the info from your tax return to see what you will probably get:
http://www.irs.gov/app/espc/
They start to go out May 2 if you e-filed and May 16th if you snail mailed.
Here is a link to the payment schedule:
http://www.irs.gov/irs/article/0,,id=180...
Reply:It's based on the last four numbers of the main person's SS #. If he is listed first, then it's based on his numbers.
Also, from what I gather on the letter I got, they are starting in May and will take until August. The amount you will receive is based on your income. More you make, the less you will get.
Reply:visit IRS website for the answer.
www.irs.gov Stimulus Rebate FAQ's.
The website also offers the dates and you can also calculate how much your rebate check is.
Reply:Use this link http://www.irs.gov/app/espc/start.do to calculate what you'll get. Here's the schedule for receiving it: http://www.irs.gov/irs/article/0,,id=180...
Reply:You will recieve it between May and July.
Just curious, what would you do if the stimulus checks were not being sent out this year? You shouldn't expect this to happen every year.
When will I receive this economic stimulus tax credit? My husband should be the one getting it..?
Here is a link you can plug in the info from your tax return to see what you will probably get:
http://www.irs.gov/app/espc/
They start to go out May 2 if you e-filed and May 16th if you snail mailed.
Here is a link to the payment schedule:
http://www.irs.gov/irs/article/0,,id=180...
Reply:It's based on the last four numbers of the main person's SS #. If he is listed first, then it's based on his numbers.
Also, from what I gather on the letter I got, they are starting in May and will take until August. The amount you will receive is based on your income. More you make, the less you will get.
Reply:visit IRS website for the answer.
www.irs.gov Stimulus Rebate FAQ's.
The website also offers the dates and you can also calculate how much your rebate check is.
Reply:Use this link http://www.irs.gov/app/espc/start.do to calculate what you'll get. Here's the schedule for receiving it: http://www.irs.gov/irs/article/0,,id=180...
Reply:You will recieve it between May and July.
Just curious, what would you do if the stimulus checks were not being sent out this year? You shouldn't expect this to happen every year.
How many nights can a boyfriend stay over without it affectin family tax credit and child tax credit?
if a boyfriend stays over for four nights a week can it affect benefit? uk.
How many nights can a boyfriend stay over without it affectin family tax credit and child tax credit?
no , only if he moves in , beware of people thinking he is there full time though , if you are reported it will be looked into
Reply:how can they prove it when he looks old enough to be your father
Reply:only three nights per week for benefits, i think they class you as co-habitating any longer
Reply:actually the law changed, they are not to stop a full night at all, stupid as it is, like u cant even have a relationship, its the law now. not only does effect your tax credits but also yout council tax benifit, and your housing benifit. its a very stupid law but its because of all the dodgey people fiddling the system. tho many people get away with living together for years but there is a big crack down on this at the moment so just be warned
Reply:iv bin told its 3 any more an hes classed as livin there
Reply:He can stay 7 nights a week for whatever benefit you receive but if he contributes to the household expences then he will be deemed as a partner and therefore the claim must be joint
The proof of cohabitating falls onto the relevant benefit department.....the Inland Revenue in your case
Reply:As long as your mail and belongings are somewhere else and you can prove you pay rent and council tax you are not classed as living together
Reply:If this issue came up then I think that he would just have to be able to prove that he has his own residence, so he shouldn't have any mail coming to your house or have his name on any of your bills. Also you would need to prove that you are not a dependent of his.
Reply:3 is a guest, 4 is a cohab
Reply:3 nights otherwise they'll accuse you of living with him!
Reply:three nights
Reply:No more than 3 nights per week
How many nights can a boyfriend stay over without it affectin family tax credit and child tax credit?
no , only if he moves in , beware of people thinking he is there full time though , if you are reported it will be looked into
Reply:how can they prove it when he looks old enough to be your father
Reply:only three nights per week for benefits, i think they class you as co-habitating any longer
Reply:actually the law changed, they are not to stop a full night at all, stupid as it is, like u cant even have a relationship, its the law now. not only does effect your tax credits but also yout council tax benifit, and your housing benifit. its a very stupid law but its because of all the dodgey people fiddling the system. tho many people get away with living together for years but there is a big crack down on this at the moment so just be warned
Reply:iv bin told its 3 any more an hes classed as livin there
Reply:He can stay 7 nights a week for whatever benefit you receive but if he contributes to the household expences then he will be deemed as a partner and therefore the claim must be joint
The proof of cohabitating falls onto the relevant benefit department.....the Inland Revenue in your case
Reply:As long as your mail and belongings are somewhere else and you can prove you pay rent and council tax you are not classed as living together
Reply:If this issue came up then I think that he would just have to be able to prove that he has his own residence, so he shouldn't have any mail coming to your house or have his name on any of your bills. Also you would need to prove that you are not a dependent of his.
Reply:3 is a guest, 4 is a cohab
Reply:3 nights otherwise they'll accuse you of living with him!
Reply:three nights
Reply:No more than 3 nights per week
Will my mum still receive child benefit and child tax credit if I am claiming JSA?
Please be accurate.
Will my mum still receive child benefit and child tax credit if I am claiming JSA?
I dont think she will be entitled to anything as you are not a full time student and will be claiming JSA which means you will be going out to earn a wage and your mum wont be supporting you financially.
Reply:no she will not get anything for you as you have your own income
Reply:No she will not. You have to be in full time education for her to be getting. And also you will be getting your own money so you will be classed as having your own income
Reply:No.
If you were still in education, your mother could have claimed them until you were 19 years old.
But as you are claiming yourself, then she will not be able to claim the above.
Reply:no she wont as it will be seen as you having your own income
Reply:No. She will not be entitled to it.
Reply:no she wont get them any more but she or u may be able to claim help like housing benefit/council tax benefit depending on yr circumstances. look up the DWP website
myspaces.com
Will my mum still receive child benefit and child tax credit if I am claiming JSA?
I dont think she will be entitled to anything as you are not a full time student and will be claiming JSA which means you will be going out to earn a wage and your mum wont be supporting you financially.
Reply:no she will not get anything for you as you have your own income
Reply:No she will not. You have to be in full time education for her to be getting. And also you will be getting your own money so you will be classed as having your own income
Reply:No.
If you were still in education, your mother could have claimed them until you were 19 years old.
But as you are claiming yourself, then she will not be able to claim the above.
Reply:no she wont as it will be seen as you having your own income
Reply:No. She will not be entitled to it.
Reply:no she wont get them any more but she or u may be able to claim help like housing benefit/council tax benefit depending on yr circumstances. look up the DWP website
myspaces.com
Is energy tax credit good or bad for consumers?
Why?
Is energy tax credit good or bad for consumers?
anyone who tries to be conservative will save any extra dollar they get.
people who waste money or energy will soon learn that they will have neither.
Reply:bad in the long run. doesnt help the supply/demand issue at all, if anything it makes it worse. if anything, i think they should scale it so people who use x KWh pay 8 cents, people who use y KWh pay 10 cents, etc. to encourage people to conserve and reduce demand. give tax credits to people to put in geothermal systems or something instead of just handing people money because energy costs more.
Reply:No. We simply need to invest in the development of alternative energy and provide incentive by enacting a Carbon Tax.
Is energy tax credit good or bad for consumers?
anyone who tries to be conservative will save any extra dollar they get.
people who waste money or energy will soon learn that they will have neither.
Reply:bad in the long run. doesnt help the supply/demand issue at all, if anything it makes it worse. if anything, i think they should scale it so people who use x KWh pay 8 cents, people who use y KWh pay 10 cents, etc. to encourage people to conserve and reduce demand. give tax credits to people to put in geothermal systems or something instead of just handing people money because energy costs more.
Reply:No. We simply need to invest in the development of alternative energy and provide incentive by enacting a Carbon Tax.
Canada Child Tax Credit/Benefit: How long did it take you to recieve yours?
After applying for the Canada Child Tax Credit/Benefit how long did it take to recieve your money?
I sent my application in the mail a month ago and requested direct deposit. Still havent recieved nothing.
How long does it usually take?
------%26gt;%26gt; Is there a number I can call to make sure they got my application? %26lt;%26lt;----
Only Canadians answer please.
thank you
Canada Child Tax Credit/Benefit: How long did it take you to recieve yours?
I phoned them a couple months ago to ask about applying for it, and they told me after they receive the application it takes at least 8 weeks to process. I sent mine in on February 4th and still haven't received anything. I don't have the phone number anymore, but if you Google it (using the Canada filter) you will probably find it.
EDIT: I just looked it up, and the website states it takes 80 calendar days before a notice is sent out stating how much you will receive, and when to expect the 1st payment.
Reply:With my first born he was born Oct.3rd and i sent it in a week later and got his Oct 20th, with my daughter she was born april 21st and i got hers the next month. Go to google and type in cctb ....theres a num you can call and ask. You will probably get it April 18th since the 20th lands on a monday this month.
Reply:I applied online and my application was processed within a week. You are entitled to CTB a month after your child was born. Lets say your baby was born April 1st your first CTB will be paid on May 20th.
Edit ~ My daughter was born on March 18th this year and I will recieve her CTB on April 20th. You can log into "My Account" on the CRA website or call 1-800-387-1193.
I sent my application in the mail a month ago and requested direct deposit. Still havent recieved nothing.
How long does it usually take?
------%26gt;%26gt; Is there a number I can call to make sure they got my application? %26lt;%26lt;----
Only Canadians answer please.
thank you
Canada Child Tax Credit/Benefit: How long did it take you to recieve yours?
I phoned them a couple months ago to ask about applying for it, and they told me after they receive the application it takes at least 8 weeks to process. I sent mine in on February 4th and still haven't received anything. I don't have the phone number anymore, but if you Google it (using the Canada filter) you will probably find it.
EDIT: I just looked it up, and the website states it takes 80 calendar days before a notice is sent out stating how much you will receive, and when to expect the 1st payment.
Reply:With my first born he was born Oct.3rd and i sent it in a week later and got his Oct 20th, with my daughter she was born april 21st and i got hers the next month. Go to google and type in cctb ....theres a num you can call and ask. You will probably get it April 18th since the 20th lands on a monday this month.
Reply:I applied online and my application was processed within a week. You are entitled to CTB a month after your child was born. Lets say your baby was born April 1st your first CTB will be paid on May 20th.
Edit ~ My daughter was born on March 18th this year and I will recieve her CTB on April 20th. You can log into "My Account" on the CRA website or call 1-800-387-1193.
Can I still make a charitable donation between now and April and receive a tax credit for 2007?
No. You can still make a 2007 IRA or Roth IRA contribution before normal April filing date. But expenses and deductions for other things are usually based the the tax year they are 'paid' (too late for 2007 taxes).
Can I still make a charitable donation between now and April and receive a tax credit for 2007?
No way. Only donations made in 2007 are deductible on your 2007 return. Any donation you made since Jan 1, 2008 goes on your 2008 return next year.
Reply:uh no.
Reply:No, you would have had to make it by December 31st of the previous year. If you were to make a donation now, you would gat a refund for it next April.
Reply:No
Reply:no that year has pass
Can I still make a charitable donation between now and April and receive a tax credit for 2007?
No way. Only donations made in 2007 are deductible on your 2007 return. Any donation you made since Jan 1, 2008 goes on your 2008 return next year.
Reply:uh no.
Reply:No, you would have had to make it by December 31st of the previous year. If you were to make a donation now, you would gat a refund for it next April.
Reply:No
Reply:no that year has pass
How long will it take to get my child care tax credit?
If you filed efile NORMAL time is about three weeks. If you paper filed, about six weeks. I efiled my return mid February. I got a letter just today that said my refund (child tax credit plus several other deductions and tax credits) will be mailed (yuck!) within three weeks. Go figure.
How long will it take to get my child care tax credit?
You will have to amend your 2007 taxes. This could of been avoided by completing a 2441 form and attaching it to a 1040 form thus not having a problem with the 1040A Form.
Reply:The child tax credit is simply a part of your tax return. If you have a refund coming, the tax credit will not come as a separate check. If you owed money when you filed your taxes, the credit has already reduced the amount you owed.
Reply:It sounds like you filed an initial return without it, and then filed an amended return. Getting your refund from an amended return will take 6-8 weeks.
It's a little late now, but you could have filed originally on a form 1040 instead of 1040A and taken the child care credit in the first place - it was only a 1040A where it had the delay.
Reply:Let's see 8-12 weeks from mid-February is Mid-April to Mid-May. Don't bug the IRS before May 15th.
Reply:The child care tax credit is just one of the many calculations used in the preparation of your regular tax return that you file each year. If you qualify for it, it reduces the amount of income tax you have to pay, so your refund is larger than it would be without it. But you don't get a separate check for this -- or any -- tax credit.
Genealogy
How long will it take to get my child care tax credit?
You will have to amend your 2007 taxes. This could of been avoided by completing a 2441 form and attaching it to a 1040 form thus not having a problem with the 1040A Form.
Reply:The child tax credit is simply a part of your tax return. If you have a refund coming, the tax credit will not come as a separate check. If you owed money when you filed your taxes, the credit has already reduced the amount you owed.
Reply:It sounds like you filed an initial return without it, and then filed an amended return. Getting your refund from an amended return will take 6-8 weeks.
It's a little late now, but you could have filed originally on a form 1040 instead of 1040A and taken the child care credit in the first place - it was only a 1040A where it had the delay.
Reply:Let's see 8-12 weeks from mid-February is Mid-April to Mid-May. Don't bug the IRS before May 15th.
Reply:The child care tax credit is just one of the many calculations used in the preparation of your regular tax return that you file each year. If you qualify for it, it reduces the amount of income tax you have to pay, so your refund is larger than it would be without it. But you don't get a separate check for this -- or any -- tax credit.
Genealogy
I live in NJ work in Philly Tax Credit?
If so how do I figure out how much of a credit?
I live in NJ work in Philly Tax Credit?
The people who posted the previous answers lived or worked in NY. NY does not have any reciprocal tax agreements. NJ and PA have a reciprocal tax agreement.
Do you really commute to Philadelphia from NJ everyday? You don't have an apartment in Philly?
As a NJ resident, you are exempt from PA state income taxes if your only source of income in PA is wages. However, if PA state taxes were withheld, you need to file a PA return to claim a refund. Since you were not liable for PA state taxes, you cannot claim a credit for having paid them.
Be careful if you are not having any NJ taxes withheld. You may have to make quarterly estimated tax payments to NJ to avoid getting hit with an underpayment penalty.
If you were asking specifically about Philly city taxes, I'm sorry I don't know how those work or whether you would be exempt.
Reply:Look in the NJ State tax forms and instructions. That information is in them.
You will also need to file a Pennsylvania return first so you know how much has been paid to the Commonwealth and City.
Reply:you best go to an acct for this, i live in NJ and work in NY and my acct figures it out based on the number i days i worked OUT of NY. PA taxes are deducted from your check, so you have to file NJ and PA state taxes as well as federal. its worth the 300 (or less) to just go to a CPA. and his/her fee is tax deductible
I live in NJ work in Philly Tax Credit?
The people who posted the previous answers lived or worked in NY. NY does not have any reciprocal tax agreements. NJ and PA have a reciprocal tax agreement.
Do you really commute to Philadelphia from NJ everyday? You don't have an apartment in Philly?
As a NJ resident, you are exempt from PA state income taxes if your only source of income in PA is wages. However, if PA state taxes were withheld, you need to file a PA return to claim a refund. Since you were not liable for PA state taxes, you cannot claim a credit for having paid them.
Be careful if you are not having any NJ taxes withheld. You may have to make quarterly estimated tax payments to NJ to avoid getting hit with an underpayment penalty.
If you were asking specifically about Philly city taxes, I'm sorry I don't know how those work or whether you would be exempt.
Reply:Look in the NJ State tax forms and instructions. That information is in them.
You will also need to file a Pennsylvania return first so you know how much has been paid to the Commonwealth and City.
Reply:you best go to an acct for this, i live in NJ and work in NY and my acct figures it out based on the number i days i worked OUT of NY. PA taxes are deducted from your check, so you have to file NJ and PA state taxes as well as federal. its worth the 300 (or less) to just go to a CPA. and his/her fee is tax deductible
What is a Tax Credit, and how do I get one?
For the United States. I need this information for a family project, and I also need something to cite. Can anyone help out?
What is a Tax Credit, and how do I get one?
There are quite a few tax credits. These fall into two types: Refundable, and Nonrefundable. Refundable credits can lower your tax liability to below 0 so that your refund can be higher than what you put into it yourself. Nonrefundable credits never lower your tax liability below 0.
Examples of Refundable credits: Earned Income Credit, Additional Child Tax Credit.
Examples of Nonrefundable credits: Education Credit, Retirement Savings Contribution Credit.
Look at the 2nd page of the 1040 form for more available credits -- you can pull one up at http://www.irs.gov
What is a Tax Credit, and how do I get one?
There are quite a few tax credits. These fall into two types: Refundable, and Nonrefundable. Refundable credits can lower your tax liability to below 0 so that your refund can be higher than what you put into it yourself. Nonrefundable credits never lower your tax liability below 0.
Examples of Refundable credits: Earned Income Credit, Additional Child Tax Credit.
Examples of Nonrefundable credits: Education Credit, Retirement Savings Contribution Credit.
Look at the 2nd page of the 1040 form for more available credits -- you can pull one up at http://www.irs.gov
Working tax credit - how is it worked out? Tried to government sites and they seem vague as to what wage?
thresholds and actual figures are involved?
Just want to be able to work it out myself and am lost in all the jargon - help!
Working tax credit - how is it worked out? Tried to government sites and they seem vague as to what wage?
It is unneccessarily and ridiculously complicated. Best to try an online calculator but as a rough guide the basic annual credit is about £1,730 and then you add other amounts if you have children, work 30+ hrs p/w, have a disability, are 50 or over etc.
This is then reduced by 37p for every £1 your income is over £5,225.
If you are married/living together you will claim based on joint circumstances.
Reply:It is made up of adding varies elements applicable to the claimant at the time of the claim. The elements are set figures and to many to list on here but include a couple rate, a single parent rate, a 30 hour element rate to name but a few
The calculation is then done using income from the previous tax year minus the above elements applied. The remaining figure is then multiplied by 37% to provide a tax credits award for the current year
It is far to complicated to explain anymore than this
if you just want to have a calculation done then go to www.entitledto.co.uk
For in depth calculation and element amounts go to the HMRC website and search for the tax credits worksheet
Reply:Are you single or a couple? I am single female earn £11000 per year and get £3.00 per week from working tax credit
Reply:have you tried this site:
http://www.taxcredits.inlandrevenue.gov....
it works it out for you
Reply:i dont even think the government department itself knows.Each case is supposedly dealt with on its merits without a fixed formulae.It is without doubt the most confused of all the tax / benefits there is and trying to work out your own entitlement is nigh impossible.
Reply:Here is a link .
http://www.direct.gov.uk/en/MoneyTaxAndB...
Just want to be able to work it out myself and am lost in all the jargon - help!
Working tax credit - how is it worked out? Tried to government sites and they seem vague as to what wage?
It is unneccessarily and ridiculously complicated. Best to try an online calculator but as a rough guide the basic annual credit is about £1,730 and then you add other amounts if you have children, work 30+ hrs p/w, have a disability, are 50 or over etc.
This is then reduced by 37p for every £1 your income is over £5,225.
If you are married/living together you will claim based on joint circumstances.
Reply:It is made up of adding varies elements applicable to the claimant at the time of the claim. The elements are set figures and to many to list on here but include a couple rate, a single parent rate, a 30 hour element rate to name but a few
The calculation is then done using income from the previous tax year minus the above elements applied. The remaining figure is then multiplied by 37% to provide a tax credits award for the current year
It is far to complicated to explain anymore than this
if you just want to have a calculation done then go to www.entitledto.co.uk
For in depth calculation and element amounts go to the HMRC website and search for the tax credits worksheet
Reply:Are you single or a couple? I am single female earn £11000 per year and get £3.00 per week from working tax credit
Reply:have you tried this site:
http://www.taxcredits.inlandrevenue.gov....
it works it out for you
Reply:i dont even think the government department itself knows.Each case is supposedly dealt with on its merits without a fixed formulae.It is without doubt the most confused of all the tax / benefits there is and trying to work out your own entitlement is nigh impossible.
Reply:Here is a link .
http://www.direct.gov.uk/en/MoneyTaxAndB...
I only made $6,000.00 last year, and I have a son and am head of household, do I qualify for a tax credit?
I am a student and work part time, and I will be claiming my son on my taxes.
I only made $6,000.00 last year, and I have a son and am head of household, do I qualify for a tax credit?
Yes, you will qualify for an Earned income credit, as long as you meet the requirements (US citizen, physical custody of child and a few others)
lilac
I only made $6,000.00 last year, and I have a son and am head of household, do I qualify for a tax credit?
Yes, you will qualify for an Earned income credit, as long as you meet the requirements (US citizen, physical custody of child and a few others)
lilac
When is the installation deadline for windows in order to receive energy tax credit for 2007?
I would think the PURCHASE deadline would be 12/31. I cant see how it matters when you install them or who would know.
When is the installation deadline for windows in order to receive energy tax credit for 2007?
Also. Only a portion of rebate is available for windows.
When is the installation deadline for windows in order to receive energy tax credit for 2007?
Also. Only a portion of rebate is available for windows.
How much earned income to recieve federal income tax and the child tax credit????
For wage earners who receive W-2 forms only you will not be subject to income tax until your income exceeds the total of your standard deduction plus your exemptions. For 2006 you are allowed $3,300 for each exemption. The standard deductions are $10,300 for Married Filing Jointly, $7,550 for Head of Household and $5,150 for Single.
So that would be $20,200 for a married couple with one child if they file MFJ. They would have $0 (zero) tax liability and would not be required to file a return at all. However they should file because they are likely to have had some withholding they would want returned.
As for Child Tax Credit that is a non-refundable credit of up to $1,000 per child that reduces your tax liability. It is of no benefit unless you have tax liability to apply it against.They may however be eligible for Earned Income Credit of $1735 and some Additional Child Tax Credit. ACTC is a refundable credit that refunds a portion of the child tax credit not used if they had no tax liability to use it against. Taxpayers below the filing limits should always consider filing to get back any withholding and any of the refundable credits they may be eligible for. See a tax professional for help as they will likely make you money.
How much earned income to recieve federal income tax and the child tax credit????
it depends on how much money you made.....
the most earned income credit you can get is 4000 bucks or so and that is if you made 11 thousand bucks... it starts going down from there, at about 30 thousand net income you made too much to get any earned income credit.,
the CHILD TAX credit is not cash money it is a DEDUCTION of sorts that allows you not to PAY taxes... if you made over the 30 thousand and you did not qualify for the earned income credit you would qualify for the TAX CREDIT, which would make you have to pay less taxes
Reply:up to 32,000 total income. depends on number of children
So that would be $20,200 for a married couple with one child if they file MFJ. They would have $0 (zero) tax liability and would not be required to file a return at all. However they should file because they are likely to have had some withholding they would want returned.
As for Child Tax Credit that is a non-refundable credit of up to $1,000 per child that reduces your tax liability. It is of no benefit unless you have tax liability to apply it against.They may however be eligible for Earned Income Credit of $1735 and some Additional Child Tax Credit. ACTC is a refundable credit that refunds a portion of the child tax credit not used if they had no tax liability to use it against. Taxpayers below the filing limits should always consider filing to get back any withholding and any of the refundable credits they may be eligible for. See a tax professional for help as they will likely make you money.
How much earned income to recieve federal income tax and the child tax credit????
it depends on how much money you made.....
the most earned income credit you can get is 4000 bucks or so and that is if you made 11 thousand bucks... it starts going down from there, at about 30 thousand net income you made too much to get any earned income credit.,
the CHILD TAX credit is not cash money it is a DEDUCTION of sorts that allows you not to PAY taxes... if you made over the 30 thousand and you did not qualify for the earned income credit you would qualify for the TAX CREDIT, which would make you have to pay less taxes
Reply:up to 32,000 total income. depends on number of children
What is the tax credit they are taking about? How much and when do we get it?
If you had earned income of $3000 in 2007 or more you will receive a check from the government. You must have filed your 2007 income tax and must not have any outstanding tax bills. You will receive somewhere between $300 and $600 depending on your income.
What's the difference between the Tax Credit and the Tax Rebate? Are they same?
tax credits is like a top up you get on your wages if you are in a low income job, paid either weekly or monthly by the local government
a tax rebate, is if during the working year, you pay too much income tax, you put a claim in and get the money back, for example if you start a new job you initially pay tax at a higher rate (called emergency tax) once your tax rate has been calculated the amount of tax you pay will be reduced, hence at the end of the tax year you will be entitled to a rebate
What's the difference between the Tax Credit and the Tax Rebate? Are they same?
They are not the same.
tax credits are are weekly paid benefit, a tax rebate is paid when you paid too much tax in your earnings.
floral shops
a tax rebate, is if during the working year, you pay too much income tax, you put a claim in and get the money back, for example if you start a new job you initially pay tax at a higher rate (called emergency tax) once your tax rate has been calculated the amount of tax you pay will be reduced, hence at the end of the tax year you will be entitled to a rebate
What's the difference between the Tax Credit and the Tax Rebate? Are they same?
They are not the same.
tax credits are are weekly paid benefit, a tax rebate is paid when you paid too much tax in your earnings.
floral shops
If my fiance and I live in the same house will my claiming a child tax credit affect his earned income credit?
over half of my income went to supporting these childeren last year. This is the first time I've ever had to file my taxes... so I'm just a little confused.
Thankyou
If my fiance and I live in the same house will my claiming a child tax credit affect his earned income credit?
If you are filing head of household you will be able to file child tax credit, how does the government know he is not a room -mate? As long as your not filing together you should be okay. Once your married I am not sure how things will work, you can check feds website.
Reply:first, are the children his kids also? either way, it will not affect his taxes at all, because he would not be able to claim them. Also, it will not do anything to anybodies earned income because its a credit, something that is added to your return. when you do finally tie the knot, and file a joint return, it will not affect anyones earned income still.
Reply:Please call the IRS and have someone walk you though this.
Whose children are these? Yours? His? Both of yours? How many children are there?
If there are 2 or more children, It's conceivable that both of you will be claiming a dependent and on your return that could include a child tax credit and on his this could include EIC. The requirement in each case is that the taxpayer claim a child under the "qualifying child" rules. To meet the QC rule, the child *you* claim must be related to you by blood or marriage.
If there is only one child, only one of you can claim the benefits. If the child belongs to both of you, if you file to claim the child tax credit, he would be unable to claim EIC, even as single. That's because he *could* have claimed EIC with a child and didn't (because you did). If he files the child to claim EIC, you can't claim the child on your return (if both of you try, the IRS would award the exemption to the parent with the highest AGI.)
If all children belong to you, then you would claim them as dependents and he'd file as single. If he is not the father for any child, then he can claim EIC as single.
If the children belong to him and you are not the mother, then you can only claim them if a) you meet the tests under qualifying relative rules (which does not include child tax credit), b) if he doesn't claim them or any EIC at all; c) only if his income is less than $3400 and d) only if you can prove you provided more than half the support of each child.
Reply:Claiming a child tax credit won't make any difference. But whose kids are these you are talking about, and how many of them are there? If you have one that's yours, and he's claiming one or more that are his, then fine, you can get the CTC for yours and he'd still get the EIC for his. Or if he's not claiming anyone, but is low enough income to get something for just himself for EIC, no problem. But your question kind of raises a few red flags that you might be a little confused on who can claim whom and for what.
Reply:It will if you're claiming the kids and he's not. If you're filing a claim together it won't.
Thankyou
If my fiance and I live in the same house will my claiming a child tax credit affect his earned income credit?
If you are filing head of household you will be able to file child tax credit, how does the government know he is not a room -mate? As long as your not filing together you should be okay. Once your married I am not sure how things will work, you can check feds website.
Reply:first, are the children his kids also? either way, it will not affect his taxes at all, because he would not be able to claim them. Also, it will not do anything to anybodies earned income because its a credit, something that is added to your return. when you do finally tie the knot, and file a joint return, it will not affect anyones earned income still.
Reply:Please call the IRS and have someone walk you though this.
Whose children are these? Yours? His? Both of yours? How many children are there?
If there are 2 or more children, It's conceivable that both of you will be claiming a dependent and on your return that could include a child tax credit and on his this could include EIC. The requirement in each case is that the taxpayer claim a child under the "qualifying child" rules. To meet the QC rule, the child *you* claim must be related to you by blood or marriage.
If there is only one child, only one of you can claim the benefits. If the child belongs to both of you, if you file to claim the child tax credit, he would be unable to claim EIC, even as single. That's because he *could* have claimed EIC with a child and didn't (because you did). If he files the child to claim EIC, you can't claim the child on your return (if both of you try, the IRS would award the exemption to the parent with the highest AGI.)
If all children belong to you, then you would claim them as dependents and he'd file as single. If he is not the father for any child, then he can claim EIC as single.
If the children belong to him and you are not the mother, then you can only claim them if a) you meet the tests under qualifying relative rules (which does not include child tax credit), b) if he doesn't claim them or any EIC at all; c) only if his income is less than $3400 and d) only if you can prove you provided more than half the support of each child.
Reply:Claiming a child tax credit won't make any difference. But whose kids are these you are talking about, and how many of them are there? If you have one that's yours, and he's claiming one or more that are his, then fine, you can get the CTC for yours and he'd still get the EIC for his. Or if he's not claiming anyone, but is low enough income to get something for just himself for EIC, no problem. But your question kind of raises a few red flags that you might be a little confused on who can claim whom and for what.
Reply:It will if you're claiming the kids and he's not. If you're filing a claim together it won't.
A dealer bought my and I bought a new one from a different dealership how do I get a tax credit?
Car was sold in Illinois and bought my new one in Iowa.
A dealer bought my and I bought a new one from a different dealership how do I get a tax credit?
The way to get sales tax credit would be to trade your car in on the new purchase at the same dealership. Not all states offer tax credit, such as Michigan, however I know Illinois does. I don't have my charts with me, so I don't know if Iowa offers credit.
It sounds like you may have sold your car to Carmax and purchased your vehicle from a different dealership. You loose the credit that way, however if the dealership was offering you much less than Carmax or the dealership you sold it to was, then you still came out ahead. Your situation happens a lot, specially if Carmax gives you more for your trade. I would suggest getting your vehicle appraised by say Carmax and compare it to what the dealership is giving you. Compare your %26lt;trade x sales tax%26gt; v/s Carmax trade in. I hope this helps you!
Reply:You got screwed. You can not recieve sales tax credit when the purchase is made in another state. You can always discuss it with a tax agent, but every time I have seen this happen, it has resulted in a long list of forms, and no credit ever recieved. I have never seen a case where somewhere did receive credit unless it was traded in, at the same dealer. you are subject to two different state's tax laws and will be bounced around for a while and then ignored. S. Laureys
Reply:you dont get sales tax credit. the way sales tax credit works is. you only pay tax on the difference.... IE..... you go to the SAME dealer and trade yours. lets say its worth 5000 and you buy one for 10000. you pay tax on just 5000. but if someone buys yours and you buy one somewhere else you dont get that credit. sorry hopefully a dealer didnt missinform you.
A dealer bought my and I bought a new one from a different dealership how do I get a tax credit?
The way to get sales tax credit would be to trade your car in on the new purchase at the same dealership. Not all states offer tax credit, such as Michigan, however I know Illinois does. I don't have my charts with me, so I don't know if Iowa offers credit.
It sounds like you may have sold your car to Carmax and purchased your vehicle from a different dealership. You loose the credit that way, however if the dealership was offering you much less than Carmax or the dealership you sold it to was, then you still came out ahead. Your situation happens a lot, specially if Carmax gives you more for your trade. I would suggest getting your vehicle appraised by say Carmax and compare it to what the dealership is giving you. Compare your %26lt;trade x sales tax%26gt; v/s Carmax trade in. I hope this helps you!
Reply:You got screwed. You can not recieve sales tax credit when the purchase is made in another state. You can always discuss it with a tax agent, but every time I have seen this happen, it has resulted in a long list of forms, and no credit ever recieved. I have never seen a case where somewhere did receive credit unless it was traded in, at the same dealer. you are subject to two different state's tax laws and will be bounced around for a while and then ignored. S. Laureys
Reply:you dont get sales tax credit. the way sales tax credit works is. you only pay tax on the difference.... IE..... you go to the SAME dealer and trade yours. lets say its worth 5000 and you buy one for 10000. you pay tax on just 5000. but if someone buys yours and you buy one somewhere else you dont get that credit. sorry hopefully a dealer didnt missinform you.
Is the Child tax credit optional for people that have children?
All credits are optional. The IRS does not calculate and deduct the credit for you if you do not elect the credit on your return.
The credit is a non-refundable credit for 2 or less children. For 3 or more, the credit MAY be refundable.
Consult your tax preparer/CPA for better answers. Good luck!!
Is the Child tax credit optional for people that have children?
You can always put fewer allowances on your W-4 than you actually have. This will result in having more withheld. There's no specific place on the W-4 re Child Tax Credit.
Reply:Credits are always optional. The W4 is used to estimate the amount of tax to withhold. You can always put less exemptions then you are entitled to but not more.
Reply:No because the IRS will force you to claim it if you fail to take it on your return. Why not take it is my question.
The credit is a non-refundable credit for 2 or less children. For 3 or more, the credit MAY be refundable.
Consult your tax preparer/CPA for better answers. Good luck!!
Is the Child tax credit optional for people that have children?
You can always put fewer allowances on your W-4 than you actually have. This will result in having more withheld. There's no specific place on the W-4 re Child Tax Credit.
Reply:Credits are always optional. The W4 is used to estimate the amount of tax to withhold. You can always put less exemptions then you are entitled to but not more.
Reply:No because the IRS will force you to claim it if you fail to take it on your return. Why not take it is my question.
I've claimed 9 dependents just about all year long. Will i owe or will child tax credit help me?
Without knowing your income, your filing status, or how many kids you REALLY have that are your dependents and whether they are under age 17, no way to tell. If you have 3 or more kids under 17 you are probably ok. Or if your income is low enough to get EIC, that might make up for what you owe.
I've claimed 9 dependents just about all year long. Will i owe or will child tax credit help me?
Depends on how many kids you really have. If you have only 1 or 2, you will probably owe.
Reply:Insufficient data for an intelligent response; how many children and what are their ages?, what is your gross income for the year?, what is your filing status?, the list goes on.
Reply:As above, insufficient data.
Go to IRS.GOV, print off a 2007 1040 and run the numbers using your 2008 ytd data. See if you owe.
The child tax credit is $1000, but only if the child is under the age of 17 on the last day of the year.
If it turns out you owe more than $1000, adjust your W-4 immediately. Owing a lot of money and having little or nothing withheld can lead to the IRS issuing a lock in letter to your employer.
I've claimed 9 dependents just about all year long. Will i owe or will child tax credit help me?
Depends on how many kids you really have. If you have only 1 or 2, you will probably owe.
Reply:Insufficient data for an intelligent response; how many children and what are their ages?, what is your gross income for the year?, what is your filing status?, the list goes on.
Reply:As above, insufficient data.
Go to IRS.GOV, print off a 2007 1040 and run the numbers using your 2008 ytd data. See if you owe.
The child tax credit is $1000, but only if the child is under the age of 17 on the last day of the year.
If it turns out you owe more than $1000, adjust your W-4 immediately. Owing a lot of money and having little or nothing withheld can lead to the IRS issuing a lock in letter to your employer.
Who do you call if you do not receive your tax credit? I'm thinking the IRS Anyone know the number?
I'm thinking the IRS Anyone know the number?
Who do you call if you do not receive your tax credit? I'm thinking the IRS Anyone know the number?
A lot of people have thought they were getting direct deposit but for whatever reason aren't, so are assuming they'll get it earlier than they really are.
Check your bank statement from when the original refund came - if it says "US Treasury" you should be OK for direct deposit as long as that account is still open, and you didn’t split your refund into multiple accounts. Otherwise, you’ll get a paper check
Reply:You can check your tax refund status online at: www.irs.gov
On the first screen (homepage), there is a 'Where's my refund' link - you can at least find out some info there. You'll need to know the main taxpayer's SSN, # of exemptions and expected refund.
Reply:Check some of the other questions and answers about the rebate to see some reasons why people did not get their rebate.
If you did not get a notice from the IRS yet, then you should wait for the notice to come.
Reply:1-800-829-1040,but be prepared for a long wait because everyone is calling in about the tax rebate checks.
Who do you call if you do not receive your tax credit? I'm thinking the IRS Anyone know the number?
A lot of people have thought they were getting direct deposit but for whatever reason aren't, so are assuming they'll get it earlier than they really are.
Check your bank statement from when the original refund came - if it says "US Treasury" you should be OK for direct deposit as long as that account is still open, and you didn’t split your refund into multiple accounts. Otherwise, you’ll get a paper check
Reply:You can check your tax refund status online at: www.irs.gov
On the first screen (homepage), there is a 'Where's my refund' link - you can at least find out some info there. You'll need to know the main taxpayer's SSN, # of exemptions and expected refund.
Reply:Check some of the other questions and answers about the rebate to see some reasons why people did not get their rebate.
If you did not get a notice from the IRS yet, then you should wait for the notice to come.
Reply:1-800-829-1040,but be prepared for a long wait because everyone is calling in about the tax rebate checks.
How does donating to Goodwill work as far as my tax credit and is there a limit?
Donations have nothing to do with tax credits. You get a deduction for the fair market value of the goods -- what they'll sell them for, check the shelves for similar items -- that reduces your taxable income IF you itemize. If you don't itemize it does you no good at all as far as taxes are concerned.
The general limit for charitable donations is 50% of your AGI.
How does donating to Goodwill work as far as my tax credit and is there a limit?
You can receive a deduction for any cash and the FMV value of items donated to Goodwill or any 501c(3) charity. The value of services (volunteer work) can't be deducted, although expenses incurred in performing such volunteer work can. There is no limit, but it only works if you itemize deductions.
tanning
The general limit for charitable donations is 50% of your AGI.
How does donating to Goodwill work as far as my tax credit and is there a limit?
You can receive a deduction for any cash and the FMV value of items donated to Goodwill or any 501c(3) charity. The value of services (volunteer work) can't be deducted, although expenses incurred in performing such volunteer work can. There is no limit, but it only works if you itemize deductions.
tanning
With a child born last year what is child tax credit amount?
I am the grandmother and i would like to know if there is a 1200.00 dollar amount return for having a child born in 2007 or is it just the normal 110.00 for having a depended child
With a child born last year what is child tax credit amount?
A dependent is worth $3400 of exemption. Less income, less tax to the taxpayer.
A child is worth up to (let me stress up to) $1000 for a child tax credit, but this assumes you owe tax.
EIC is possible, but depends on income and whether or not you can claim the child (up to 2 children).
NOTHING is guaranteed.
Reply:Plus each child is worth $300 on the stimulus rebate depending on income
With a child born last year what is child tax credit amount?
A dependent is worth $3400 of exemption. Less income, less tax to the taxpayer.
A child is worth up to (let me stress up to) $1000 for a child tax credit, but this assumes you owe tax.
EIC is possible, but depends on income and whether or not you can claim the child (up to 2 children).
NOTHING is guaranteed.
Reply:Plus each child is worth $300 on the stimulus rebate depending on income
Is the Earned Income Tax Credit(EIC)separate from regular tax filling?
Well I already sent my 2008 1040 form for tax purposes and I specting to get $5900.00 reimbursement.
But someone told me about claiming the EIC reimbursement too
since I have 4 qualifing children ,,,,Should I need to fill in separate or it is already on my actual reimbursement?
if someone knows please help me .
Is the Earned Income Tax Credit(EIC)separate from regular tax filling?
What was your income? I would be happy to look it over for you but without knowing your income, marital status and federal withholding I would be unable to say. I'll check back to see if you'e added anything to your post. You can qualify for the EIC on two children and the additonal child tax credit for the other two.
Reply:With a reimbursement that high I think your income is likely much to high to qualify. If you do qualify then you need to send in an amended return.
Reply:You can file a 1099X for 2007 to get the EIC if you qualify. Do the paperwork and see if you qualify.
Reply:EIC is *part* of your tax return. To claim it with children, you were to attach a schedule EIC.
If your refund is $5900, I truly believe that if you are eligible, it's in there....
Your income would have to be less than $36K.
Reply:It depends on how much you made in 2007 I also have 4 children and my refund was $7600. It also depends on you fed withholding. Look on your tax return and see what it says on the line for EIC if it says 0 and you are entitled to it you can file a 1040x amended form and get the rest of your money.
Reply:It is part of deductions and credits on your federal tax return. Your state return should also have some sort of earned income credit, too.
Reply:Only two children quality for EIC. So you have apparently gotten the maximum based on income and withholding.
But someone told me about claiming the EIC reimbursement too
since I have 4 qualifing children ,,,,Should I need to fill in separate or it is already on my actual reimbursement?
if someone knows please help me .
Is the Earned Income Tax Credit(EIC)separate from regular tax filling?
What was your income? I would be happy to look it over for you but without knowing your income, marital status and federal withholding I would be unable to say. I'll check back to see if you'e added anything to your post. You can qualify for the EIC on two children and the additonal child tax credit for the other two.
Reply:With a reimbursement that high I think your income is likely much to high to qualify. If you do qualify then you need to send in an amended return.
Reply:You can file a 1099X for 2007 to get the EIC if you qualify. Do the paperwork and see if you qualify.
Reply:EIC is *part* of your tax return. To claim it with children, you were to attach a schedule EIC.
If your refund is $5900, I truly believe that if you are eligible, it's in there....
Your income would have to be less than $36K.
Reply:It depends on how much you made in 2007 I also have 4 children and my refund was $7600. It also depends on you fed withholding. Look on your tax return and see what it says on the line for EIC if it says 0 and you are entitled to it you can file a 1040x amended form and get the rest of your money.
Reply:It is part of deductions and credits on your federal tax return. Your state return should also have some sort of earned income credit, too.
Reply:Only two children quality for EIC. So you have apparently gotten the maximum based on income and withholding.
How do I find which properties in Colorado participate in the Low Income Housing Tax Credit program?
Try going to the Colorado Housing and Finance Authority (CHFA) and asking them for a listing. They have a website here:
http://www.coloradohousingsearch.com/
Good luck to you!
How do I find which properties in Colorado participate in the Low Income Housing Tax Credit program?
Try doing the obvious call the Housing Authority in Colorado.
http://www.coloradohousingsearch.com/
Good luck to you!
How do I find which properties in Colorado participate in the Low Income Housing Tax Credit program?
Try doing the obvious call the Housing Authority in Colorado.
How much money is the minimum to get the maximum child tax credit? and how much is the credit per child?
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How much money is the minimum to get the maximum child tax credit? and how much is the credit per child?
The minimum is $1 in income. But the BASIC child tax credit only reduces or zeroes your tax; it can't result ina refund by itself. However, if you have more earnings and your tax is zeroed out, the ADDITIONAL CHILD TAX CREDIT kicks in and is based on your Social Security amount.
In theory: You have 1 child and you are HOH. The MAX refund comes at $14825 income approximately. You get Max EIC at $2747, PLUS Additional CTC at $529, PLUS $40 telephone tax. This assumes you oaid no taxes in, because if you did, you get all that back, too!
THe WealthBuilder
Enrolled Agent
Tax Specialist
Reply:You can access the IRS website for this information at: www.irs.gov. You will be able to get the maximum income requirements there.
Reply:The credit per child is $1000. To get the full amount, you have to owe at least $1000 in taxes for each child - the most it does is wipe out your taxes, you don't get a refund of any extra.
If you don't have enough taxes to get it all, then you might be eligible for another credit, called the "additional child tax credit" and if you're eligible, you would get that even if you don't owe any tax.
floral
How much money is the minimum to get the maximum child tax credit? and how much is the credit per child?
The minimum is $1 in income. But the BASIC child tax credit only reduces or zeroes your tax; it can't result ina refund by itself. However, if you have more earnings and your tax is zeroed out, the ADDITIONAL CHILD TAX CREDIT kicks in and is based on your Social Security amount.
In theory: You have 1 child and you are HOH. The MAX refund comes at $14825 income approximately. You get Max EIC at $2747, PLUS Additional CTC at $529, PLUS $40 telephone tax. This assumes you oaid no taxes in, because if you did, you get all that back, too!
THe WealthBuilder
Enrolled Agent
Tax Specialist
Reply:You can access the IRS website for this information at: www.irs.gov. You will be able to get the maximum income requirements there.
Reply:The credit per child is $1000. To get the full amount, you have to owe at least $1000 in taxes for each child - the most it does is wipe out your taxes, you don't get a refund of any extra.
If you don't have enough taxes to get it all, then you might be eligible for another credit, called the "additional child tax credit" and if you're eligible, you would get that even if you don't owe any tax.
floral
What is a telephone tax credit and who does it apply to?
Taxpayers have a choice: a standard refund amount between $30 and $60, based on the total number of exemptions claimed on their 2006 tax return, to eliminate the need to locate old phone bills; or they can locate those bills and use the actual amount.
Choosing the standard refund amount? You’ll find an extra line on your tax returns for the refund.
Find those old phone bills? You can figure the refund using the actual amount of tax paid. Fill out Form 8913, Credit for Federal Telephone Excise Tax Paid, and attach it to your return.
Don't need to file a return? You can still request the refund. Use the new Form 1040EZ-T, Request for Refund of Federal Telephone Excise Tax, to choose the standard amount. Attach Form 8913 to Form 1040EZ-T if you use the actual amount. Also, some companies offer free e-filing of Form 1040EZ-T.
Filing Schedule C, E or F? You may be eligible to use the special formula for businesses if you have more than $25,000 in gross receipts.
Anyone who paid for long distance service including cell phone users
What is a telephone tax credit and who does it apply to?
Anybody that has had long distance service in the past 5 years are eligible for the 30.00 credit
Choosing the standard refund amount? You’ll find an extra line on your tax returns for the refund.
Find those old phone bills? You can figure the refund using the actual amount of tax paid. Fill out Form 8913, Credit for Federal Telephone Excise Tax Paid, and attach it to your return.
Don't need to file a return? You can still request the refund. Use the new Form 1040EZ-T, Request for Refund of Federal Telephone Excise Tax, to choose the standard amount. Attach Form 8913 to Form 1040EZ-T if you use the actual amount. Also, some companies offer free e-filing of Form 1040EZ-T.
Filing Schedule C, E or F? You may be eligible to use the special formula for businesses if you have more than $25,000 in gross receipts.
Anyone who paid for long distance service including cell phone users
What is a telephone tax credit and who does it apply to?
Anybody that has had long distance service in the past 5 years are eligible for the 30.00 credit
Does anyone how much you can earn before you lose Child Tax Credit?
At the moment, we only get the minimum amount but think that we won't qualify this year. I have looked on the website and can't see the limits. I don't want them to pay me and have to pay it back, would rather not get it in the first place.
Does anyone how much you can earn before you lose Child Tax Credit?
There is a web site where you can work out what the tax credit amount should be http://www.entitledto.co.uk/
Reply:when you fill your tax forms they will ask you for the previous years earnings so if they ever tell you that you have been overpayed it's their fault not yours, just make sure your acurate with your amounts when you fill the form in. whethr your earning alot or little, still apply for tax credits, working and child thing when you go over £25000 grand a year between you it goes down to summat like £10 a week that you get.
Reply:At £50000 per annum you will no longer qualify for the Child Tax Credit which is the £520 per Year you recieve once you no longer qualify for the initial working Tax credit.
Hope this helps !
Does anyone how much you can earn before you lose Child Tax Credit?
There is a web site where you can work out what the tax credit amount should be http://www.entitledto.co.uk/
Reply:when you fill your tax forms they will ask you for the previous years earnings so if they ever tell you that you have been overpayed it's their fault not yours, just make sure your acurate with your amounts when you fill the form in. whethr your earning alot or little, still apply for tax credits, working and child thing when you go over £25000 grand a year between you it goes down to summat like £10 a week that you get.
Reply:At £50000 per annum you will no longer qualify for the Child Tax Credit which is the £520 per Year you recieve once you no longer qualify for the initial working Tax credit.
Hope this helps !
What is the child tax credit amount this year for florida?
i have two children and have paid taxes in all year and have made roughly 14,000 .00 any help would be appreciated thank you!!
What is the child tax credit amount this year for florida?
While Florida State does not have a child tax credit, the federal tax credit os $1,000 for each child and is available in all states including Florida. This credit would appear on your federal 1040 page 2 under credits and actually reduces you tax liability. If your liability is less than the credit, you may be eligible for a refund of the diference
Reply:The CTC is federal, not state. It's up to $1000 per child, but only if you owe that much tax and you won't. You will most likely get some of it as Additional Child Tax Credit though.
Reply:Florida has not state income tax thus no child tax credit.
What is the child tax credit amount this year for florida?
While Florida State does not have a child tax credit, the federal tax credit os $1,000 for each child and is available in all states including Florida. This credit would appear on your federal 1040 page 2 under credits and actually reduces you tax liability. If your liability is less than the credit, you may be eligible for a refund of the diference
Reply:The CTC is federal, not state. It's up to $1000 per child, but only if you owe that much tax and you won't. You will most likely get some of it as Additional Child Tax Credit though.
Reply:Florida has not state income tax thus no child tax credit.
Where can i get a child tax credit application pack from?
My first baby will be born in february 2009 so i would like to get the forms and fill them out so i can send them off as soon as the baby is here.
Where can i get a child tax credit application pack from?
Call Tax Credit Helpline on 0845 300 3900 %26amp; they'll send you one.
Or ask at your local tax office, or there might be one in the bounty pack you get.
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Where can i get a child tax credit application pack from?
Call Tax Credit Helpline on 0845 300 3900 %26amp; they'll send you one.
Or ask at your local tax office, or there might be one in the bounty pack you get.
purchase flowers
Do you still get your extra tax credit if you file your income taxes late?
I think that you are asking about the economic stimulus tax rebate program, commonly called the tax rebate. If so, yes you still qualify for the rebate even if you filed your taxes late.
But because you filed late, the government is going to send you your check later than if you had filed on time. Follow this link for all the information from the IRS. http://www.irs.gov/irs/article/0,,id=177...
Do you still get your extra tax credit if you file your income taxes late?
If you are eligible, you'll still get the stimulus payment if you file by October 15. It'll be later than the published schedule though.
Reply:I could be wrong, but I heard you have to file on time to get the rebate.
But because you filed late, the government is going to send you your check later than if you had filed on time. Follow this link for all the information from the IRS. http://www.irs.gov/irs/article/0,,id=177...
Do you still get your extra tax credit if you file your income taxes late?
If you are eligible, you'll still get the stimulus payment if you file by October 15. It'll be later than the published schedule though.
Reply:I could be wrong, but I heard you have to file on time to get the rebate.
Writing a paper on Child Tax Credit?
I am going to be writing a paper on Child Tax Credit and the benefts of it for american families. I am trying to locate some informatin online, but I keep only getting websites that talk about how to file it, who is eligible, etc. I am wanting to know the history of it, how it has effected families, etc. Does anyone know of any websites that will offer me some good research material on this topic?
Writing a paper on Child Tax Credit?
Go to IRS.GOV and go to forms. Then previous years. Looking at the back of the 1040A and the form 8812 for various years will give you a feel for the amounts and changes over time.
1990. there wasn't one. You got the exemption and child care only. If you were poor you got EIC.
By 2000, there is a child tax credit for $500. The form 8812 only worked if you had 3 or more children.
By 2005, it's $1000 and you can use the form 8812 if you have any children.
Reply:the history, go to the Blue Books section of the Joint Committee on Taxation website. The credit was enacted in 1997. Here is the rationale.
The Congress believed that the individual income tax structure does not reduce tax liability by enough to reflect a family’s reduced ability to pay taxes as family size increases. In part, this is because over the last 50 years the value of the dependent personal exemption has declined in real terms by over one-third. The Congress believed that a tax credit for families with dependent children will reduce the individual income tax burden of those families, will better recognize the financial responsibilities of raising dependent children, and will promote family values.
You'll find Blue Books for later Congresses that will explain why they made changes to the original credit. They did not make changes in every Congress.
The first url below is for the Blue Book for legislation passed in 1997. You'll find others at http://www.jct.gov/pubs_bluebooks.html
Writing a paper on Child Tax Credit?
Go to IRS.GOV and go to forms. Then previous years. Looking at the back of the 1040A and the form 8812 for various years will give you a feel for the amounts and changes over time.
1990. there wasn't one. You got the exemption and child care only. If you were poor you got EIC.
By 2000, there is a child tax credit for $500. The form 8812 only worked if you had 3 or more children.
By 2005, it's $1000 and you can use the form 8812 if you have any children.
Reply:the history, go to the Blue Books section of the Joint Committee on Taxation website. The credit was enacted in 1997. Here is the rationale.
The Congress believed that the individual income tax structure does not reduce tax liability by enough to reflect a family’s reduced ability to pay taxes as family size increases. In part, this is because over the last 50 years the value of the dependent personal exemption has declined in real terms by over one-third. The Congress believed that a tax credit for families with dependent children will reduce the individual income tax burden of those families, will better recognize the financial responsibilities of raising dependent children, and will promote family values.
You'll find Blue Books for later Congresses that will explain why they made changes to the original credit. They did not make changes in every Congress.
The first url below is for the Blue Book for legislation passed in 1997. You'll find others at http://www.jct.gov/pubs_bluebooks.html
If I cash in savings bonds can I pay my wife's student loans off and get a tax credit?
I have a bond worth $12,000(10,000 face) and she has $12,000 in student loans from tuition from 2004. I know that you can avoid paying taxes on the interest you make on bonds if you use it to pay tuition for secondary schooling. Does it still apply for loans that are a couple years old? We are filing a joint return
If I cash in savings bonds can I pay my wife's student loans off and get a tax credit?
You will have $2000 of taxable interest income.
Only the interest on those student loans is deductible.
Too bad you didn't cash them in during 2004--assuming the bonds met the very strict education exclusion requirements.
Reply:There are a number of rules for exempting interest on savings bonds cashed to pay tuition - so many that it's very unlikely that you would be able to - among other things, it's for current expenses, not for paying off student loans. Check the rules carefully before you even consider this, since it's pretty unlikely to work for you. It's not as simple as "I used the money to pay tuition so I don't have to pay tax on the interest".
If I cash in savings bonds can I pay my wife's student loans off and get a tax credit?
You will have $2000 of taxable interest income.
Only the interest on those student loans is deductible.
Too bad you didn't cash them in during 2004--assuming the bonds met the very strict education exclusion requirements.
Reply:There are a number of rules for exempting interest on savings bonds cashed to pay tuition - so many that it's very unlikely that you would be able to - among other things, it's for current expenses, not for paying off student loans. Check the rules carefully before you even consider this, since it's pretty unlikely to work for you. It's not as simple as "I used the money to pay tuition so I don't have to pay tax on the interest".
Corporate Tax credit carryforward?
In the United States, if a company loses money in its first few years, does it receive a tax credit to use against future taxes owed once it becomes profitable? How long does this credit last? I want to use this information for capital budgeting, do you know of any simple explanations?
Corporate Tax credit carryforward?
If they generate net operating losses (and make the election not to carry back, which is simple), then the losses are available to carry forward for up to 20 years. It really isn't a tax credit, just called net operating losses.
A tax credit usually implies a dollar for dollar credit against tax. Net operating losses are applied against earnings in a future period and the remainder, if any, is subject to the tax brackets.
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Corporate Tax credit carryforward?
If they generate net operating losses (and make the election not to carry back, which is simple), then the losses are available to carry forward for up to 20 years. It really isn't a tax credit, just called net operating losses.
A tax credit usually implies a dollar for dollar credit against tax. Net operating losses are applied against earnings in a future period and the remainder, if any, is subject to the tax brackets.
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Is there a new form I need to file with my return to receive a earned income tax credit.?
I file my niece and nephew last year because they live with me are there new laws that say I must have custody of them to file.
Is there a new form I need to file with my return to receive a earned income tax credit.?
http://www.irs.gov/individuals/article/0...
This link gives you an overview of earned income credit and eligibility
http://www.irs.gov/pub/irs-pdf/f1040sei....
This link gets you to the form
Reply:No, you will just need complete Schedule EIC and attach it to your tax return. Your niece and nephew are eligible to be claimed for EIC purposes, as long as they lived with you for more than 1/2 of the year, they did not provide more than 1/2 of their own support, and that they are under age 19 or if between 19-24, full-time students.
Reply:I did not find that rule. That was false information given to you. You could claim you blood relatives without custody papers. However they are children from a friend then you would need custody papers.
Is there a new form I need to file with my return to receive a earned income tax credit.?
http://www.irs.gov/individuals/article/0...
This link gives you an overview of earned income credit and eligibility
http://www.irs.gov/pub/irs-pdf/f1040sei....
This link gets you to the form
Reply:No, you will just need complete Schedule EIC and attach it to your tax return. Your niece and nephew are eligible to be claimed for EIC purposes, as long as they lived with you for more than 1/2 of the year, they did not provide more than 1/2 of their own support, and that they are under age 19 or if between 19-24, full-time students.
Reply:I did not find that rule. That was false information given to you. You could claim you blood relatives without custody papers. However they are children from a friend then you would need custody papers.
What paperwork do I need to file for a tax credit for my hybrid car(Prius)?
I called the dealership and they did not have an answer for me, they told me to call the company that I have my car loan with. That doesn't sound right to me.
What paperwork do I need to file for a tax credit for my hybrid car(Prius)?
You need form 8910, it is available on the IRS website if you can't find one.
You also cannot be leasing the vehicle, and you must be the original owner.
You are entitled to approx. $1575 credit.
Reply:Tax credits are on page 2 of the 1040 form. Check the IRS website for details
Reply:The car dealership should have information on how much of a tax credit there is for the Prius. The credit is not the same for all hybrids.
http://www.irs.gov/newsroom/article/0,,i... has info on credit amounts. This might give you what you need. The Prius is right on the top line.
What paperwork do I need to file for a tax credit for my hybrid car(Prius)?
You need form 8910, it is available on the IRS website if you can't find one.
You also cannot be leasing the vehicle, and you must be the original owner.
You are entitled to approx. $1575 credit.
Reply:Tax credits are on page 2 of the 1040 form. Check the IRS website for details
Reply:The car dealership should have information on how much of a tax credit there is for the Prius. The credit is not the same for all hybrids.
http://www.irs.gov/newsroom/article/0,,i... has info on credit amounts. This might give you what you need. The Prius is right on the top line.
Approximately how much could I get in child credit tax return?
I made about 13,000 dollars this year, have a non-working spouse and a one year old boy. How much do you think I could get in tax returns for my son?
Approximately how much could I get in child credit tax return?
With that income, on a joint return, you already wouldn't owe any federal income tax just with you and your spouse, so the exemption and child tax credit won't benefit you any, since they can only reduce your tax and yours is already zero. But you'll get back whatever was withheld for federal income taxes if anything was.
Where you WILL get a benefit is in the Earned Income Credit. You should get around $2747 for that, and would have gotten around $84 for EIC if you didn't have your son.
Reply:It's based on a table. See the instructions for the 1040 at www.irs.gov.
Approximately how much could I get in child credit tax return?
With that income, on a joint return, you already wouldn't owe any federal income tax just with you and your spouse, so the exemption and child tax credit won't benefit you any, since they can only reduce your tax and yours is already zero. But you'll get back whatever was withheld for federal income taxes if anything was.
Where you WILL get a benefit is in the Earned Income Credit. You should get around $2747 for that, and would have gotten around $84 for EIC if you didn't have your son.
Reply:It's based on a table. See the instructions for the 1040 at www.irs.gov.
Do you still get the tax credit for having children when you have been in a combat zone?
Even though you haven't had to pay regular federal taxes?
Do you still get the tax credit for having children when you have been in a combat zone?
I believe that to be eligible for the head of household tax credit you need to have had your children living with you for 9 months out of the year. However, I am also thinking that there must be extenuating circumstances for military, because of needing someone to take care of them for that time.
There is a tax service on post that can help you do your taxes and get all of the credits you are legally due.
Reply:Having children IS living in a combat zone!
Reply:Detroit
Reply:yes. And you qualify for the earned income credit as well, generally, because that's based on taxable income, and if you've been in a combat zone, you have very little of it.
Do some searches, military members get some free tax help from turbo tax online
Reply:Yes they do.
ginkgo
Do you still get the tax credit for having children when you have been in a combat zone?
I believe that to be eligible for the head of household tax credit you need to have had your children living with you for 9 months out of the year. However, I am also thinking that there must be extenuating circumstances for military, because of needing someone to take care of them for that time.
There is a tax service on post that can help you do your taxes and get all of the credits you are legally due.
Reply:Having children IS living in a combat zone!
Reply:Detroit
Reply:yes. And you qualify for the earned income credit as well, generally, because that's based on taxable income, and if you've been in a combat zone, you have very little of it.
Do some searches, military members get some free tax help from turbo tax online
Reply:Yes they do.
ginkgo
Can I use the tuition tax credit if my tuition was paid through student loans?
Yes you can. This is money that you will eventually have to pay back which is why you can use that tuition for the hope credit or life time credit. You CANNOT use tuition paid for by grants or scholarships because that is tax free money that you do not have to pay back.
Can I use the tuition tax credit if my tuition was paid through student loans?
I don't think so , but if you had interest on those loans you have be able to count the interest.
Can I use the tuition tax credit if my tuition was paid through student loans?
I don't think so , but if you had interest on those loans you have be able to count the interest.
Dependent child tax credit question?
I have two questions. Is the dependent child tax credit $1000/child? How do I enter the information on the online version of Tax Act?
Here is my situation. While using the software, it asks how long has each child lived with you in 2006 in months. I am married and we have a 4 year old. For him it is easy since he lived with us the whole 12 months, it looks like I am receiving the full tax credit. We had twins who were born in August of 2006. If I insert that they lived with us for 4 months, it doesn't look like we are receiving the credit probably because it is calculating it as partial year. If I enter 12 months, it is a lie because they were born in August. What is the solution? Would most software programs work the same way as far as calculating the amount? I'm sure others have come across this. Thanks in advance.
Dependent child tax credit question?
According to Pub. 972 you have an "exception" You do put the twins lived with you for the full year since they were born in 2006.
To see the reference go to: http://www.irs.gov/pub/irs-pdf/p972.pdf
Reply:For tax purposes the correct answer is 12 months for children born during the year. Even if they are born on the 31st of December for tax purposes they are considered as having lived in your home for twelve months. Good luck.
Reply:My tax software has instructions that for a child who was born during the year, and lived with the taxpayer all year, answer 12 months to that question.
Congrats on the twins - have fun.
Reply:A dependent who was born or died during the year is considered to have lived with you all year. The tax software should be "smart" enough to recognize that. Say 12 months; it's NOT a lie.
Reply:You enter that the twins lived with you for the entire 12months of 2006. It doesn't matter if they were born on the last day of December, you are still entitled to a full tax credit for those children. As far as $1000 per child, yes that is what you are SUPPOSED to receive, but there are additional deductions and adjustments that are made, that it doesn't calculate out to exactly that amount. Hope this helps...you know the IRS...give a penny, keep a twenty!
Here is my situation. While using the software, it asks how long has each child lived with you in 2006 in months. I am married and we have a 4 year old. For him it is easy since he lived with us the whole 12 months, it looks like I am receiving the full tax credit. We had twins who were born in August of 2006. If I insert that they lived with us for 4 months, it doesn't look like we are receiving the credit probably because it is calculating it as partial year. If I enter 12 months, it is a lie because they were born in August. What is the solution? Would most software programs work the same way as far as calculating the amount? I'm sure others have come across this. Thanks in advance.
Dependent child tax credit question?
According to Pub. 972 you have an "exception" You do put the twins lived with you for the full year since they were born in 2006.
To see the reference go to: http://www.irs.gov/pub/irs-pdf/p972.pdf
Reply:For tax purposes the correct answer is 12 months for children born during the year. Even if they are born on the 31st of December for tax purposes they are considered as having lived in your home for twelve months. Good luck.
Reply:My tax software has instructions that for a child who was born during the year, and lived with the taxpayer all year, answer 12 months to that question.
Congrats on the twins - have fun.
Reply:A dependent who was born or died during the year is considered to have lived with you all year. The tax software should be "smart" enough to recognize that. Say 12 months; it's NOT a lie.
Reply:You enter that the twins lived with you for the entire 12months of 2006. It doesn't matter if they were born on the last day of December, you are still entitled to a full tax credit for those children. As far as $1000 per child, yes that is what you are SUPPOSED to receive, but there are additional deductions and adjustments that are made, that it doesn't calculate out to exactly that amount. Hope this helps...you know the IRS...give a penny, keep a twenty!
How do you qualify for a earned income tax credit?
My neighbor mother gives her a sum of money, then she reports it as income, with herself and her child then the IRS sends her a refund of several thousands dollars
How do you qualify for a earned income tax credit?
CAN YOU SAY JAIL TIME?
Reply:EIC is based on your income.. if you make less than a certain amount you get a set amount of money for each child.
Reply:To Qualify depends on several factors.
You must have a valiod social security number
You must have made some sort of income
and you must be a us citizen or legal resident.
The rest depends on how much you make and if you have kids or not.
Here is the site to help you determine if you qualify
http://apps.irs.gov/app/eitc2006/ShowEli...
Reply:You must be over 25 and make under a certain amount of money doesn't matter if its from a job or family. As long as you do not make over that amount then you qualify for EIC .
Reply:Earned Income tax credit is rewarded to people who do not have job skills, refuse to learn, stay at entry level work and get the money the rest of us pay. Because it is the fair thing to do.
How do you qualify for a earned income tax credit?
CAN YOU SAY JAIL TIME?
Reply:EIC is based on your income.. if you make less than a certain amount you get a set amount of money for each child.
Reply:To Qualify depends on several factors.
You must have a valiod social security number
You must have made some sort of income
and you must be a us citizen or legal resident.
The rest depends on how much you make and if you have kids or not.
Here is the site to help you determine if you qualify
http://apps.irs.gov/app/eitc2006/ShowEli...
Reply:You must be over 25 and make under a certain amount of money doesn't matter if its from a job or family. As long as you do not make over that amount then you qualify for EIC .
Reply:Earned Income tax credit is rewarded to people who do not have job skills, refuse to learn, stay at entry level work and get the money the rest of us pay. Because it is the fair thing to do.
How does the tax credit refund work?
me and my hubby pay in at least 1300 every yr for taxes. we make around 50,000 a yr. taxes are taken out of his checks but not mine
we have two children. do we qaulify?
How does the tax credit refund work?
If you're referring to the Earned Income Tax Credit, see the link I am including. It discusses this: Find out if you are eligible for the Earned Income Tax Credit (EITC) by answering some questions and providing basic income information using the EITC Assistant. Available in English and Spanish. The 2007 EITC Assistant is now available.
Good luck!
azalea tree
we have two children. do we qaulify?
How does the tax credit refund work?
If you're referring to the Earned Income Tax Credit, see the link I am including. It discusses this: Find out if you are eligible for the Earned Income Tax Credit (EITC) by answering some questions and providing basic income information using the EITC Assistant. Available in English and Spanish. The 2007 EITC Assistant is now available.
Good luck!
azalea tree
Wednesday, October 21, 2009
How many hours a week do you have to be working to be able to get Working Tax Credit?
Also how much do you have to be making, and do you have to have dependent children? Thankyou.x
How many hours a week do you have to be working to be able to get Working Tax Credit?
If you have a disability or a child you have to work at least 16 hours per week
If you have no children and are not disabled you must be over 25 and earn less than 11,500 as a household per year and need to work over 30 hours per week
If you have a child you qualify for Tax Credits at some rate as long as your household income is below 52,000 pa
Reply:You have to be working at least 16 hours a week to be entitled to tax credits. Since they changed the rule on it, you no longer have to have dependant children, although i think you may need to be part of a couple (check this out with HM Revenues and Customs). The child tax credit is paid separately nowadays for people with children. If you already have a job, you can go to the tax credit website and fill in a few details, they will work out how much you would be entitled to if you applied
Reply:If you have dependant children then you need to be working at least 16 hours per week
If you have no children you need to working 30 hours per week, be over 25, and be on a low wage, or 16 hours and disabled
You can claim whatever youre earning (up to c£30000 if you have a partner and kids) because it depends as well on your total income for the last tax year. The worst that can happen is theyll say no.
Reply:I am 50 year old single female and earn about 11,500 per year and work 31.5 hours per week at present I get 4.5 per week working tax credit. Go to www.entitlements and work it out from there.
Reply:Minimum of 16 hours a week....i think it helps if you have children...i havnt heard that you cant get it if youve got no kids x
Reply:16
Reply:i think its 16 hours a week
How many hours a week do you have to be working to be able to get Working Tax Credit?
If you have a disability or a child you have to work at least 16 hours per week
If you have no children and are not disabled you must be over 25 and earn less than 11,500 as a household per year and need to work over 30 hours per week
If you have a child you qualify for Tax Credits at some rate as long as your household income is below 52,000 pa
Reply:You have to be working at least 16 hours a week to be entitled to tax credits. Since they changed the rule on it, you no longer have to have dependant children, although i think you may need to be part of a couple (check this out with HM Revenues and Customs). The child tax credit is paid separately nowadays for people with children. If you already have a job, you can go to the tax credit website and fill in a few details, they will work out how much you would be entitled to if you applied
Reply:If you have dependant children then you need to be working at least 16 hours per week
If you have no children you need to working 30 hours per week, be over 25, and be on a low wage, or 16 hours and disabled
You can claim whatever youre earning (up to c£30000 if you have a partner and kids) because it depends as well on your total income for the last tax year. The worst that can happen is theyll say no.
Reply:I am 50 year old single female and earn about 11,500 per year and work 31.5 hours per week at present I get 4.5 per week working tax credit. Go to www.entitlements and work it out from there.
Reply:Minimum of 16 hours a week....i think it helps if you have children...i havnt heard that you cant get it if youve got no kids x
Reply:16
Reply:i think its 16 hours a week
I live in Michigan and only worked for 3 months in 2007 will I still get the child tax credit?
I made around 11 dollars per hr part time. I have two children. Will I be eligable for it?
I live in Michigan and only worked for 3 months in 2007 will I still get the child tax credit?
don' see why not
Reply:If you made enough to owe any taxes, you'd get the child tax credit. If you only worked for 3 months, part time, at $11 an hour, it's pretty unlikely that you make enough to owe taxes though.
If you are talking about the earned income credit, yes you should be eligible.
Reply:That depends on your total income, not on the total amount of time you spent working. If you've paid in, I imagine you might. Unless someone else can claim you and your kids as a dependant.
I live in Michigan and only worked for 3 months in 2007 will I still get the child tax credit?
don' see why not
Reply:If you made enough to owe any taxes, you'd get the child tax credit. If you only worked for 3 months, part time, at $11 an hour, it's pretty unlikely that you make enough to owe taxes though.
If you are talking about the earned income credit, yes you should be eligible.
Reply:That depends on your total income, not on the total amount of time you spent working. If you've paid in, I imagine you might. Unless someone else can claim you and your kids as a dependant.
Do I get tax credit for paying my own health insurance?
I made only 10k last year, but paying $1,300 for my health insurance
Do I get tax credit for paying my own health insurance?
Hello, CP! You cannot get a credit, but you can claim the payments as an itemized deduction on Schedule A as long as they were not paid pre-tax out of your paychecks. Remember, though, that this will only help you if your total itemized deductions exceeded your standard deduction ($5,150 for Single/Married Filing Separate, $10,300 for Married Filing Joint). If you only made $10,000 last year, I'm guessing that you don't have enough itemized deductions to worry about it.
Check out the link below if you still want details on the itemized deduction option. Good luck! :-)
Reply:Good Lord thats alot of money. If you are in the US message me and I will send you a website that can make that go way down. Good Luck
Reply:Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi...
lily
Do I get tax credit for paying my own health insurance?
Hello, CP! You cannot get a credit, but you can claim the payments as an itemized deduction on Schedule A as long as they were not paid pre-tax out of your paychecks. Remember, though, that this will only help you if your total itemized deductions exceeded your standard deduction ($5,150 for Single/Married Filing Separate, $10,300 for Married Filing Joint). If you only made $10,000 last year, I'm guessing that you don't have enough itemized deductions to worry about it.
Check out the link below if you still want details on the itemized deduction option. Good luck! :-)
Reply:Good Lord thats alot of money. If you are in the US message me and I will send you a website that can make that go way down. Good Luck
Reply:Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi...
lily
How much child tax credit do i get?
does the amosunt vary from person to person? whats the usual amount you can get?
How much child tax credit do i get?
You may be able to claim a child tax credit if you have a qualifying child.
A qualifying child is a child who:
Is a United States citizen, a United States resident, or a national of the United States,
Is under age 17 at the end of the calendar year in which your tax year begins,
Is your son, daughter, stepson, stepdaughter, legally adopted child, or a child placed with you for legal adoption, brother, sister, stepbrother, stepsister, foster child placed with you by an authorized placement agency or by a court order, or a descendant of any such person, and who
Shares with you the same principal place of abode for more than one-half of the tax year, or is treated as your qualifying child under the special rule for parents who are divorced, separated, or living apart. For more information, refer to Publication 501, Exemptions, Standard Deduction, and Filing Information.
The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins depends on your filing status. You can find the phase-out range for your filing status in the Publication 972, Child Tax Credit.
Reply:Normally, the child tax credit is $1,000 per child for each child under the age of 17. However, when your adjusted gross income exceeds $100,000, the child tax credit begins to be phased out, so the credit decreases as your income increases.
Reply:The usual amount is $1000. But it's a nonrefundable credit, which means that if you owe less total tax than that, you only get your tax wiped out but don't get the rest of the $1000 in cash, and if you don't owe any tax, you don't get anything from it.
How much child tax credit do i get?
You may be able to claim a child tax credit if you have a qualifying child.
A qualifying child is a child who:
Is a United States citizen, a United States resident, or a national of the United States,
Is under age 17 at the end of the calendar year in which your tax year begins,
Is your son, daughter, stepson, stepdaughter, legally adopted child, or a child placed with you for legal adoption, brother, sister, stepbrother, stepsister, foster child placed with you by an authorized placement agency or by a court order, or a descendant of any such person, and who
Shares with you the same principal place of abode for more than one-half of the tax year, or is treated as your qualifying child under the special rule for parents who are divorced, separated, or living apart. For more information, refer to Publication 501, Exemptions, Standard Deduction, and Filing Information.
The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins depends on your filing status. You can find the phase-out range for your filing status in the Publication 972, Child Tax Credit.
Reply:Normally, the child tax credit is $1,000 per child for each child under the age of 17. However, when your adjusted gross income exceeds $100,000, the child tax credit begins to be phased out, so the credit decreases as your income increases.
Reply:The usual amount is $1000. But it's a nonrefundable credit, which means that if you owe less total tax than that, you only get your tax wiped out but don't get the rest of the $1000 in cash, and if you don't owe any tax, you don't get anything from it.
Does the tax credit for buying a hybrid vehicle benefit single people who use the standard deduction?
It's a credit so it directly reduces your tax liability whether you itemize or not.
Keep a couple of things in mind, however. It's limited to a certain production run by each manufacturer. The credits for the Toyota Prius have long run out, for example, because the model is so popular. The other issue is that it's a non-refundable credit, so once your tax liability reaches $0, it's worth nothing more to you.
In most cases, hybrid vehicles are not worth the cost even with the credit taken into consideration. The excess cost of most models would take 8 to 10 years to pay off with the fuel savings.
Does the tax credit for buying a hybrid vehicle benefit single people who use the standard deduction?
TFTP Report Abuse
Reply:Yes, the tax credit is totally independent of whether you take the standard deduction or you itemize.
Keep a couple of things in mind, however. It's limited to a certain production run by each manufacturer. The credits for the Toyota Prius have long run out, for example, because the model is so popular. The other issue is that it's a non-refundable credit, so once your tax liability reaches $0, it's worth nothing more to you.
In most cases, hybrid vehicles are not worth the cost even with the credit taken into consideration. The excess cost of most models would take 8 to 10 years to pay off with the fuel savings.
Does the tax credit for buying a hybrid vehicle benefit single people who use the standard deduction?
TFTP Report Abuse
Reply:Yes, the tax credit is totally independent of whether you take the standard deduction or you itemize.
Can I claim the Hope tax credit 2 years in a row?
I claimed it last year when I filed, but I think it only counted towards one quarter, the Fall quarter, of 2005 when I first started. I thought you could claim it only for the first two years but someone told me you can't do it twice in a row, so now I'm kind of lost. Thank you
Can I claim the Hope tax credit 2 years in a row?
You can claim the Hope credit in your first two years of college. So, yes, you can claim it two years in a row.
If you are beyond your second year of college, you can use the Lifetime Learning Credit instead.
Can I claim the Hope tax credit 2 years in a row?
You can claim the Hope credit in your first two years of college. So, yes, you can claim it two years in a row.
If you are beyond your second year of college, you can use the Lifetime Learning Credit instead.
Is it possible to earn income tax credit (reduce my taxes) if I donate money to certain government agencies?
Say if I donated money to walter reed army hospital or my local school to help fund them. Could I use that to lower my income taxes? If yes, how would it work?
Is it possible to earn income tax credit (reduce my taxes) if I donate money to certain government agencies?
Many schools, and some hospitals, have IRS designation that allows contributions to them to qualify as tax deductions. This would not include, obviously, items that you are required to pay like hospital bills, property taxes and tuition.
If the organization qualifies, you would list the contribution as a charitable deduction on schedule B. You can only deduct contributions if you itemize, so wouldn't do it unless your total itemized deductions were higher than your standard deduction for the year.
Reply:If they are a non-profit it is tax deductible. some schools are for profit. They have to be a 501(c)3 with the IRS. You cannot donate labor, only money or some clothes with a reciept or a used car with a reciept. Hospital if they are non profit are good or an art agency, or a health education foundation, like diabetes, etc. Or go green...
Reply:Probably not...You get a standard deduction of $5200 (if you're single). If your itemized deductions exceed that amount then yes, it will reduce tax. Otherwise take the $5200 std. deduction
myspaces.com
Is it possible to earn income tax credit (reduce my taxes) if I donate money to certain government agencies?
Many schools, and some hospitals, have IRS designation that allows contributions to them to qualify as tax deductions. This would not include, obviously, items that you are required to pay like hospital bills, property taxes and tuition.
If the organization qualifies, you would list the contribution as a charitable deduction on schedule B. You can only deduct contributions if you itemize, so wouldn't do it unless your total itemized deductions were higher than your standard deduction for the year.
Reply:If they are a non-profit it is tax deductible. some schools are for profit. They have to be a 501(c)3 with the IRS. You cannot donate labor, only money or some clothes with a reciept or a used car with a reciept. Hospital if they are non profit are good or an art agency, or a health education foundation, like diabetes, etc. Or go green...
Reply:Probably not...You get a standard deduction of $5200 (if you're single). If your itemized deductions exceed that amount then yes, it will reduce tax. Otherwise take the $5200 std. deduction
myspaces.com
Can anyone tell me how much of CHILD TAX CREDIT I WILL GET BACK?
im a single mother, just had a baby and i didnt work the whole year only about 7 months..can anyone estimate?
Can anyone tell me how much of CHILD TAX CREDIT I WILL GET BACK?
Just had a baby as in born in 2006 or born in 2007? Since you did not say how much you earned, it would be hard to say. If you earned less than the standard deduction for a head of household plus two exemptions (assuming baby was born in 2006), then your taxable income would be zero, therefore your tax liability would be zero. Since the child tax credit cannot make your tax liability less than zero, unless you had three children, then you would get no benefit for the child tax credit. Whatever you paid in through withholding would come back to you and you would probably get the earned income credit as well, which is a refundable credit and can increase your refund to be more than your withholding.
Reply:you can find out by going to expresstaxrefund.com...this site just estimated my child tax credit
Can anyone tell me how much of CHILD TAX CREDIT I WILL GET BACK?
Just had a baby as in born in 2006 or born in 2007? Since you did not say how much you earned, it would be hard to say. If you earned less than the standard deduction for a head of household plus two exemptions (assuming baby was born in 2006), then your taxable income would be zero, therefore your tax liability would be zero. Since the child tax credit cannot make your tax liability less than zero, unless you had three children, then you would get no benefit for the child tax credit. Whatever you paid in through withholding would come back to you and you would probably get the earned income credit as well, which is a refundable credit and can increase your refund to be more than your withholding.
Reply:you can find out by going to expresstaxrefund.com...this site just estimated my child tax credit
How does earned income tax credit work??Do you automatically get it?What do you have to do to get it??
Eligibility is based on earned income, number of qualifying children, and your age if you don't have children, and your filing status. Earned income is generally something job-related.
Income limit is a little over $12K if you don't have children. You must be between age 25 and 64.
If you have one qualifying child, the income limit is a little over $36K. With two or more, it's a little over $38K. With children, you don't have to be at least age 25.
A qualifying child lived with you over half the year, and be under 19, or under 24 and a full-time student, or disabled.
This is just a summary and doesn't cover every detail - if you meet the above requirements, read the section on EIC in the instruction booklet for more detail.
If you are eligible, there is a table that says how much you get depending on filing status, your earned income, and number of qualifying children.
How does earned income tax credit work??Do you automatically get it?What do you have to do to get it??
you have to earn under 36,000 in a yr. to get this credit.
Reply:To qualify you must be the head of the household, (your income supports it) have at least one dependent, (a child or a disabled person) and have an income at or lower than the government's poverty standard. You don't get it unless you file for it.
Your local IRS office will answer any questions about it, even do you taxes for you, completely free, but you might have to make an appointment weeks in advance. Better than making a mistake that comes back to haunt you, though.
Income limit is a little over $12K if you don't have children. You must be between age 25 and 64.
If you have one qualifying child, the income limit is a little over $36K. With two or more, it's a little over $38K. With children, you don't have to be at least age 25.
A qualifying child lived with you over half the year, and be under 19, or under 24 and a full-time student, or disabled.
This is just a summary and doesn't cover every detail - if you meet the above requirements, read the section on EIC in the instruction booklet for more detail.
If you are eligible, there is a table that says how much you get depending on filing status, your earned income, and number of qualifying children.
How does earned income tax credit work??Do you automatically get it?What do you have to do to get it??
you have to earn under 36,000 in a yr. to get this credit.
Reply:To qualify you must be the head of the household, (your income supports it) have at least one dependent, (a child or a disabled person) and have an income at or lower than the government's poverty standard. You don't get it unless you file for it.
Your local IRS office will answer any questions about it, even do you taxes for you, completely free, but you might have to make an appointment weeks in advance. Better than making a mistake that comes back to haunt you, though.
How will Obama implement hsi policy to Create the American Opportunity Tax Credit?
Is there any actual detail plan of action for this policy, this policy is in reference to Higher education by the way? Please leave me any useful links. Will this cause any conflict between federal gov. and state gov.??? *I'm doing a research on US History from Bz C.A but i really need help with finding info. on the web
How will Obama implement hsi policy to Create the American Opportunity Tax Credit?
I am afraid to find out what it is ! Probably some kind of handout !
How will Obama implement hsi policy to Create the American Opportunity Tax Credit?
I am afraid to find out what it is ! Probably some kind of handout !
If boyfriend and I bought a house together.Should homestead prop. tax credit be calculated on combined income?
House and tax from Michigan.
If boyfriend and I bought a house together.Should homestead prop. tax credit be calculated on combined income?
Yup - they want to look at household income... It gets real confusing - you may just want to call them and have them walk you through it...
Reply:as a partnership ,,yes
Genealogy
If boyfriend and I bought a house together.Should homestead prop. tax credit be calculated on combined income?
Yup - they want to look at household income... It gets real confusing - you may just want to call them and have them walk you through it...
Reply:as a partnership ,,yes
Genealogy
Can someone explain what tax credit apartments are? Or section 42 apartments?
We are applying for low-income housing. The manager told us the apartments were section 42 apartments. But I thought section 42 was for purchasing your own home, not for rentals or investors.
I have tried looking on-line, but tax jargon is not my strong point.
Can someone explain what tax credit apartments are? Or section 42 apartments?
You're right-the tax credit is for the owner,( but not for your principle residence.) however there are rules and regulations he/she has to follow to keep those credits-which benefit you.
A certain percentage of occupants need to be 'low income'- something like 60% below the area's median income- and the apartments are generally rented on a first come first served basis- rather than the 'best application' system of non section 42 apartments. Also, the rents charged are a certain percent lower than 'average' rents for the area. Good luck!
I have tried looking on-line, but tax jargon is not my strong point.
Can someone explain what tax credit apartments are? Or section 42 apartments?
You're right-the tax credit is for the owner,( but not for your principle residence.) however there are rules and regulations he/she has to follow to keep those credits-which benefit you.
A certain percentage of occupants need to be 'low income'- something like 60% below the area's median income- and the apartments are generally rented on a first come first served basis- rather than the 'best application' system of non section 42 apartments. Also, the rents charged are a certain percent lower than 'average' rents for the area. Good luck!
WHat is this new tax credit bush is talking about?
I heard something about bush proposing a tax refund that can be anywhere from $900 to $1200, whats this about? how do i qualify? i already filed through H%26amp;R block, and they didnt mention it.
WHat is this new tax credit bush is talking about?
The person Jeff said it perfectly
There are no steps to take, no calls need to be made
IRS already know what to do and they will know who will get a rebate check
Reply:File your taxes as if this tax rebate never existed.
If you get a check, great.
If not, you don't qualify.
WHat is this new tax credit bush is talking about?
The person Jeff said it perfectly
There are no steps to take, no calls need to be made
IRS already know what to do and they will know who will get a rebate check
Reply:File your taxes as if this tax rebate never existed.
If you get a check, great.
If not, you don't qualify.
What are the eligibility exceptions re the Empire State Child Tax Credit?
Are there any reasons why would I NOT be eligible to get it? I'm a New York State Resident %26amp; am the Custodial Parent of my 10-year old daughter.
What are the eligibility exceptions re the Empire State Child Tax Credit?
Hello, BronxGal! According to the form instructions, any child that is elibigle for the federal Child Tax Credit is eligible for the Empire State Child Credit.
If your daughter lived with you more than half the year, you have not filed Form 8332 releasing the dependency exemption to the father, and your income is within the limitations, you should be able to claim both credits. Good luck! :-)
What are the eligibility exceptions re the Empire State Child Tax Credit?
Hello, BronxGal! According to the form instructions, any child that is elibigle for the federal Child Tax Credit is eligible for the Empire State Child Credit.
If your daughter lived with you more than half the year, you have not filed Form 8332 releasing the dependency exemption to the father, and your income is within the limitations, you should be able to claim both credits. Good luck! :-)
Sunday, October 11, 2009
If I worked for myself all year trimming trees and made 23000k can I still get the child tax credit?
Usually I work a regular 40 hour job but this year I worked for myself getting my work by going door to door trimming trees. So I want to know how I should file taxes this year,and if I am eligable to get the BIG return {4000-6000} I have got in the past becuase of the kids
If I worked for myself all year trimming trees and made 23000k can I still get the child tax credit?
You won't be getting a "big return" this year. BTW, a return is the piece of paper you file. Maybe you mean a big "refund" this year. Probably won't be getting that either unless you paid in estimated taxes. At least not what you may be expecting.
Since you are self employed you file Schedule C or C-EZ with your return to calculate your self-employment income. You can deduct the reasonable and necessary expenses that you incurred in generating that income so your taxable income should be somewhat lower than the $23k. Then you attach Schedule SE to calculate the Self-Employment tax. That works out to 15.3% of 92.35% of your self-employment income.
You will have a pretty steep tax bill when you're done. It could be several thousand dollars. You are still eligible for the Child Tax Credit and that will help to reduce the bill. You probably also qualify for the Earned Income Credit and possibly the Additional Child Tax Credit. The last two are refundable so you very probalby will get something back.
However without knowing more information it's impossible to say how much that will be. Would need to know your filing status, how many kids you have, and what your business expenses were against that $23k income to even start to make a guess.
lilac
If I worked for myself all year trimming trees and made 23000k can I still get the child tax credit?
You won't be getting a "big return" this year. BTW, a return is the piece of paper you file. Maybe you mean a big "refund" this year. Probably won't be getting that either unless you paid in estimated taxes. At least not what you may be expecting.
Since you are self employed you file Schedule C or C-EZ with your return to calculate your self-employment income. You can deduct the reasonable and necessary expenses that you incurred in generating that income so your taxable income should be somewhat lower than the $23k. Then you attach Schedule SE to calculate the Self-Employment tax. That works out to 15.3% of 92.35% of your self-employment income.
You will have a pretty steep tax bill when you're done. It could be several thousand dollars. You are still eligible for the Child Tax Credit and that will help to reduce the bill. You probably also qualify for the Earned Income Credit and possibly the Additional Child Tax Credit. The last two are refundable so you very probalby will get something back.
However without knowing more information it's impossible to say how much that will be. Would need to know your filing status, how many kids you have, and what your business expenses were against that $23k income to even start to make a guess.
lilac
WILL YOU BE ABLE TO GET THE $7,500 TAX CREDIT? (read on)?
1. Who is eligible to claim the $7,500 tax credit?
First time-home buyers purchasing any kind of home — new or resale — are eligible for the tax credit.
2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
3. What types of homes will qualify for the tax credit?
Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses, and condominiums.
4. Are there income limits to determine who is eligible to take the tax credit?
Yes. Home buyers who file their taxes as single or head-of-household taxpayers can claim the credit if their modified adjusted gross income (MAGI) is less than $75,000. For married taxpayers filing a joint tax return, the MAGI limit is $150,000. The limit is based on the buyer’s modified adjusted gross income for the year that the house is purchased, except for certain purchases in 2009.
5. What is “modified adjusted gross income”?
Modified adjusted gross income, or MAGI, is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income,” or AGI, which is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income — including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phaseout limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.
7. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
8. Does the credit amount differ based on tax filing status?
No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files its taxes as “married filing separately” (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.
9. Are there any circumstances under which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?
In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.
10. I heard that the tax credit is refundable. What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).
11. What is the difference between a tax credit and a tax deduction?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15% tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer’s tax liability would be reduced by $1,125 (15% of $7,500), or lowered from $7,500 to $6,375.
12. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
No. The tax credit cannot be combined with the MRB home buyer program.
13. I live in the District of Columbia. Can I claim both the D.C. first-time home buyer credit and this new credit?
No. You can claim only one.
14. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519 (www.irs.gov/pub/irs-pdf/p519.pdf).
15. Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
16. Why must the money be repaid?
The intent of Congress was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices and will increase home sales. The repayment requirement reduces the impact on the U.S. Treasury and assumes that home buyers will benefit from stabilized and, eventually, rising future housing prices.
17. Because the money must be repaid, isn’t the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?
Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers more than $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.
18. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on Dec. 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
19. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.
WILL YOU BE ABLE TO GET THE $7,500 TAX CREDIT? (read on)?
This is great, and completely made my day. I loooked this up yesterday, and home purchases made on or after April 1 2008 qualify, which means I just squeezed into it. Anybody who doesn't take this money would be stupid not too. You can just stick the $7500 in an account and earn the interest on it, even if you're not going to use it. It sounds like there is huge potential for abuse though - this is my favorite part -
If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
Reply:Cool. How about a link to your source? That would be much appreciated!
Reply:Real Estate Guy,
Thanks for your thorough answer. You have answered all my questions. I read 3-4 articles on the Housing Rescue Bill before reading yours, none of them delineated the $ 7,500 tax credit the way you did.
Thanks again.
Reply:This was an excellent interpretation of the proposed code.
A few quibbles:
3. Add in houses that are constructed also count, but the occupancy date is the date of purchase...
The qualifying house cannot be purchased from a lineal relative. Eg, you cannot buy if from your parents and qualify for the $7500. (Strangely, you can buy it from a sister or brother.)
If two unrelated-by-marriage individuals buy the house together, the $7500 amount is for both of them. The amount claimed by each must be equitable.
In order to claim the credit on the tax return, the tp must still own and be living in it at the end of the year purchased.
7.The exact phaseout calculation appears off. The approach is correct (subtract, multiply), but the % doesn't match up with the income range in the law.
14. I am not a U.S. citizen. Can I claim the tax credit?
1040NR does not qualify.
While residency is determined on a year by year basis, the fact that a resident alien in year 1 could be a non-resident in year 3 is not really a problem...the recapture is triggered if the house is sold or no longer used as a principal residence, so if they are no longer an alien, chances are the recapture is triggered anyway.
15. It's true that the credit does not get repaid in the event of death or selling at a loss.
In the event of a divorce, the requirement to repay the credit goes with the house. Yes, that means that one tp can buy the house, get the credit, get married, divorced, transfer house to ex-spouse and purchaser is no longer the one who owes the money.
If there is an involuntary conversion (think a Hurricane) and a replacement property is purchased, the credit transfers to the new house.
And lastly, the "$500" (whatever the credit was is divided by 15) MUST be paid each year. This creates a filing requirement even if the individual did not work that year and otherwise would not be required to file.
First time-home buyers purchasing any kind of home — new or resale — are eligible for the tax credit.
2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
3. What types of homes will qualify for the tax credit?
Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses, and condominiums.
4. Are there income limits to determine who is eligible to take the tax credit?
Yes. Home buyers who file their taxes as single or head-of-household taxpayers can claim the credit if their modified adjusted gross income (MAGI) is less than $75,000. For married taxpayers filing a joint tax return, the MAGI limit is $150,000. The limit is based on the buyer’s modified adjusted gross income for the year that the house is purchased, except for certain purchases in 2009.
5. What is “modified adjusted gross income”?
Modified adjusted gross income, or MAGI, is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income,” or AGI, which is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income — including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phaseout limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.
7. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
8. Does the credit amount differ based on tax filing status?
No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files its taxes as “married filing separately” (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.
9. Are there any circumstances under which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?
In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.
10. I heard that the tax credit is refundable. What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).
11. What is the difference between a tax credit and a tax deduction?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15% tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer’s tax liability would be reduced by $1,125 (15% of $7,500), or lowered from $7,500 to $6,375.
12. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
No. The tax credit cannot be combined with the MRB home buyer program.
13. I live in the District of Columbia. Can I claim both the D.C. first-time home buyer credit and this new credit?
No. You can claim only one.
14. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519 (www.irs.gov/pub/irs-pdf/p519.pdf).
15. Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
16. Why must the money be repaid?
The intent of Congress was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices and will increase home sales. The repayment requirement reduces the impact on the U.S. Treasury and assumes that home buyers will benefit from stabilized and, eventually, rising future housing prices.
17. Because the money must be repaid, isn’t the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?
Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers more than $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.
18. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on Dec. 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
19. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.
WILL YOU BE ABLE TO GET THE $7,500 TAX CREDIT? (read on)?
This is great, and completely made my day. I loooked this up yesterday, and home purchases made on or after April 1 2008 qualify, which means I just squeezed into it. Anybody who doesn't take this money would be stupid not too. You can just stick the $7500 in an account and earn the interest on it, even if you're not going to use it. It sounds like there is huge potential for abuse though - this is my favorite part -
If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
Reply:Cool. How about a link to your source? That would be much appreciated!
Reply:Real Estate Guy,
Thanks for your thorough answer. You have answered all my questions. I read 3-4 articles on the Housing Rescue Bill before reading yours, none of them delineated the $ 7,500 tax credit the way you did.
Thanks again.
Reply:This was an excellent interpretation of the proposed code.
A few quibbles:
3. Add in houses that are constructed also count, but the occupancy date is the date of purchase...
The qualifying house cannot be purchased from a lineal relative. Eg, you cannot buy if from your parents and qualify for the $7500. (Strangely, you can buy it from a sister or brother.)
If two unrelated-by-marriage individuals buy the house together, the $7500 amount is for both of them. The amount claimed by each must be equitable.
In order to claim the credit on the tax return, the tp must still own and be living in it at the end of the year purchased.
7.The exact phaseout calculation appears off. The approach is correct (subtract, multiply), but the % doesn't match up with the income range in the law.
14. I am not a U.S. citizen. Can I claim the tax credit?
1040NR does not qualify.
While residency is determined on a year by year basis, the fact that a resident alien in year 1 could be a non-resident in year 3 is not really a problem...the recapture is triggered if the house is sold or no longer used as a principal residence, so if they are no longer an alien, chances are the recapture is triggered anyway.
15. It's true that the credit does not get repaid in the event of death or selling at a loss.
In the event of a divorce, the requirement to repay the credit goes with the house. Yes, that means that one tp can buy the house, get the credit, get married, divorced, transfer house to ex-spouse and purchaser is no longer the one who owes the money.
If there is an involuntary conversion (think a Hurricane) and a replacement property is purchased, the credit transfers to the new house.
And lastly, the "$500" (whatever the credit was is divided by 15) MUST be paid each year. This creates a filing requirement even if the individual did not work that year and otherwise would not be required to file.
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