The Federal Tax Credits Blog

Posts Tagged ‘college_access’

Question: Why didn’t they take out income tax this year? – HELP!?

Ok, now I am upset. I had 2 jobs this year. The first job I made 16,000 and they took out almost $2,000. The second job I made about the same, and they took out NOTHING! Why, I claimed O zero on my deductions. Then I started looking at my husband’s checks and they didn’t take any federal taxes out of him either! He made less then me by a good portion, and had 3 jobs that didn’t take out anything….One stub even said EXEMPT on the federal income tax line. Are we going to end up owing alot? My husband is out of work right now too, and I really can’t afford anything. The good side is we baught a home in the last year so we do get that 8K tax credit.. PLEASE, PLEASE help!

Answer: We would have to know what you made total, what your husband made, How much in total you paid in federal and state taxes, how many children you have…etc. There is no way for any of us can even guess what you will owe or how much you will get back without knowing all of that.

Real-estate incentives out of style among price-focused shoppers

MINNEAPOLIS — Government cash didn’t help John Foley and Cindy Case sell their Minneapolis house before the federal homebuyer’s tax credit expired at the end of April, so the couple decided to take matters into their own hands.

Energy Tax Credit Fox 47 2009 11 15 Manthe Job

Question: How do I determine which college tuition tax deduction/credit I am entitled to?

My son (age 19) started college in fall 2007. I made monthly payments towards his college tuition/room board. I received a 1098 recently. I do not understand this form, plus it is in my son’s name even though I am making the payments.

Thanks for any help!!

Answer: You can claim it as he is your dependent. You need to look up the information for the Hope credit. You don’t have to understand the 1098 in order to use it. Just insert the amounts in the boxes! You must file the 1040 in order to use it. I believe their is at least a worksheet or form you will need, too. It should all be in the FAQ section I found for you.

http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=&rf=&oq=&qt=hope+credit

Don’t Miss Out on Tax Savings

Many Tax Credits Available to Long Islanders Senator Kemp Hannon is reminding you to review this end of the year savings checklist, to make sure you don’t miss out on your savings.

Recovery: Education Tax Credit-Claim it-Students – Jan 2010