The Federal Tax Credits Blog

Archive for the ‘Tax Credit Forms’ Category

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18th Annual Phuket Flower Fair

annual Phuket Ornamental Plants & Flowers Fair will be held from July 9 to July 18 at Saphan Hin.Organized by the Phuket Provincial Agricultural Office, Phuket City Municipality and Phuket Provinc…

Fiscal Incentives for Investment and Innovation (World Bank Publication) $72.24 Developing countries continue to make widespread use of tax policy instruments to promote industrial and technological development. The actual effect of these instruments on business activity and government revenues, however, remains an open question. This volume takes an important first step in quantifying the investment incentives on business decisions related to production and investment. In ad…

Financial Professional Outlook – March, 2010

Question: Can I use form 1040A? I satisfy 5 out of 6 conditions, 2nd condition doesn’t apply to me.?

Instructions for 1040A states that :
You can use Form 1040A if all six of the following apply: Condition No.2 doesn’t apply for me.
Condition 2:
The only adjustments to income you can claim are:
a. Penalty on early withdrawal of savings.
b. IRA deduction.
c. Student loan interest deduction.
d. Jury duty pay you gave your employer.
I am not claiming any adjustment to my income.
I want to use Form 1040A for claiming child tax credit.
Can I use Form 1040A?

Answer: If you don’t have an IRA deduction, then you meet that condition, so yes, go ahead and file on 1040A. The rules say you can’t use that form if you have income OTHER than those listed, not that you have to have all of them.

Yes, you can claim the child tax credit on a 1040A.

Broomfield Enterprise upcoming events — April 1

Upcoming events in and around Broomfield

Leading@Google: Daniel Pink

Question: Filing for First Time Home Buyers credit for 2009. What HUD form do I need?

I filed our taxes through H&R Block and they said that I needed to file for the First time home buyers credit seperatly so we get the whole $8000. I was told I needed to bring in a copy of my HUD form.

I have a few forms that say U.S. Department of Housing and Urban Development on it and I just need to know which one to make copies of. Any of you know the form number I need?

Thanks for the help

Answer: Latest from IRS:
In addition to filling out a Form 5405, all eligible homebuyers must include with their 2009 tax returns one of the following documents in order to receive the credit:

A copy of the settlement statement showing all parties’ names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.

For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.

For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

Unilever – Annual Report on Form 20-F

ENGLEWOOD CLIFFS, N.J.—-Unilever N.V. and Unilever PLC announced today that each filed today, March 5, 2010, its Annual Report on Form 20-F, for the fiscal year ended December 31, 2009, with the United States Securities and Exchange Commission.

Our first brand new home – Closed escrow & got thge keys on 12-18-09

Question: Do I file an amended 1040x along with the 5405 form to get the Tax Credit for First Time Home Buyer this year?

I have already filed my taxes this year and will be closing on a home 5/4/09 so I am trying to figure out how to get the tax credit to receive the $8000.

Answer: After you purchase the home, you will file a form 1040X and the form 5405 to claim the credit. You have the option also to wait until you file your 2009 income tax return. If you go with the amendment, indicate on the form 5405, on line C, that you purchased the home in 2009, but are claiming on the 2008 income tax return. Then the amount of the credit will be entered on line 15C of the amended income tax return.

It does take up to 12 weeks to receive a refund from an amended income tax return.

I am attaching links to the IRS form 1040X along with the instructions. Also I am linking the form 5405 so you are able to determine if you meet all the requirements for claiming the credit.

Good luck with the new home.

Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

Reader views (99)

I wish the authors would at least check the facts in this article. Bugaboo buggies don’t cost nearly £1000 and the meringues at Ottolenghi are £2 not £7.50 – such blatent manipulation of easily verifiable facts makes me wonder what other figures have been altered!

Question: Does anyone know if every tax paying American will qualify for a rebate check.?

I know that the amount will vary, based on income and family size, but I was wondering if this all goes through will everyone get the check…even if they might owe money from a previous year.. My friend paid too little out and ended up owing money that she didn’t pay yet, she is under the impression that she will get this credit either in check form or as credit towards what she owed. I was curious if anyone knew about this?

Answer: No, every tax paying american will NOT get a rebate. And “don’t hold your breath” because no one may get anything. It is a ridiculous method at attempting to fix a problem with needs to correct itself through time. Just to make those with liberal attitudes “feel” good. It is not the answer. Besides, it’s not a gift – for those who work and pay taxes, it’s merely a return of some of the “extortion” that is perpetuated on the working american.

Realtors support sales tax

ROBERRTSDALE, Ala. — A high ranking school system is important to selling property in Baldwin County, said Nick Wilmott. Wilmott, the president of the Baldwin County Association of Realtors. That is why the Association is urging passage of the “Penny Tax,” a three-year one-cent increase in the sales tax March 23.

$6500 Tax Credit – Qualifying