The Federal Tax Credits Blog

Posts Tagged ‘credit’

Question: Can I file my taxes, get my refund, and then file an amendment to get the home buyer tax credit?

My boyfriend and I purchased our first home last September and now I want to claim the $8000 home buyer credit, the one you don’t have to pay back. I know that we qualify for it but while I was preparing my taxes an FYI came up that said that not only can’t I e-file because of the credit, but also that the IRS wasn’t going to process returns based on the home buyer credit until late March. I have a refund coming to me over and above my half of the home buyer credit. I thought maybe I could process my return without it, e-file and get that refund, then process an amendment for the $4000. Does anyone know if that will work or am I going to his road blocks because of it?

Answer: Yes you could do that , but let me tell you that amendments 1040x are not pretty, specially if you are planning to do it yourself, you need to do a 1040 with schedules and receipts for the wrong amount and then another one with the new amount you can’t do it online and you probably will have to do both state and federal and sometimes can get very complicated. Not just for you but also the clerks that processed that sometimes get confuse and then you have to keep calling them to fix it

Question: Can you get Home Access Grant if you get BOTH child tax credit and Working Tax Credit?

On the form it asks you to tick which benefits you are receiving and the one that I receive is the child tax credit. But then next to it in brackets it says (but not working tax credit).
This is a tiny bit confusing! Is it saying that you cannot claim if you’re receiving them both or is it just to say… we only need to know whether you are receiving child tax credit and you do not need to let us know if you are also receiving working tax credit?
Please help!!!

Answer: you need to be on child tax credit and on free school meals to get the grant.You also have to send a original letter from child benefit dated after december 2008 with your application form.hope this helps

Lawmakers mull overhaul of business Energy Credits

Nearly a dozen tax credits will go away, others will shrink and the controversial BETC will be replaced with a new, significantly smaller program under a compromise plan advancing in the Legislature.

Cynthia Strickland Talk About the First Time Home Buyer $8000 Tax Credit

Question: What company is the best for doing taxes and getting the biggest refund?

I know we qualify for the child tax credit, and the earned income credit, and the daycare credit, but not exactly sure how much i will get on the daycare credit and earned income credit. We also own a house so we can get to deduct our insurance and interest. Who is the best tax company to go to for the biggest refund? H&R block? or who?

Answer: Go for honest instead of big promises. To get you the bigger refund, you have to stretch the truth.

Region digest: ‘Fraud conviction leads to prison’ and more stories

A Roane County woman was sentenced Friday in U.S. District Court in Knoxville to 27 months in prison after pleading guilty to fraud and tax evasion, authorities said.

TurboTax Tips – How to Take the Child Care Tax Credit

Question: In Florida, can I claim my school expenses like books, calculator, etc as deductions on my taxes?

I’m a full time student and I would like to know whether or not I can claim my books and other school expenses as deductions for my income tax return. I’ve qualified for the hope credit over the past few years as well, but I’m not sure if is still available this year. Does anyone know what the guidelines are or of any other education related credits that I am eligible for? I am a 26 year old independent male, no children, and a full time student of senior status pursuing my Bachelor of Computer Science at an accredited public university. I could seriously use the money, so please don’t hold back on suggestions. Thanks to all in advance!

Answer: The Hope credit was only good for you to get for two years unless you were in a disaster zone.

It’s gone now anyway, and replaced by something called the American Opportunity credit. The Hope Credit was only for tuition and fees, but the AOC also allows required books and supplies. A calculator might be a stretch, but your required textbooks can be included. You can claim AOC for up to four years, including the years you claimed the Hope credit. AOC is good only for undergrad students.

There are a few additional restrictions. See IRS Publication 970 for more info. If you aren’t eligible for AOC you’d probably be eligible for a LIfetime Learning credit for tuition and fees only, not books.

Banks say thanks for the credit

OUR national credit card debt is almost $50 billion, and we’re paying interest on $36 billion. How do we cut it?

Austan Goolsbee & the Tax Cut Calculator

Over at Legislature: Hansen asks for DOR audit (UPDATED)

Sen. Tom Hansen has asked the Legislative Performance Audit Committee to perform an audit of the Nebraska Department of Roads, and the committee chairperson has agreed to place the request on their agenda for review and discussion.

TYT Episode For January 21st 2010