The Federal Tax Credits Blog

Posts Tagged ‘government’

Question: Lifetime Learning credit?

I used H&R Block online to file my taxes. When I got to the education credit part it said that I can get a credit of $393. But towards the end, I received a message saying my refund limit went from $1000 to $393. It still showed $900 refund but the education credit was not showing up. Just the federal income tax that was withheld. Is there a way around to get my refund of $900 plus the education credit? I would really appreciate help ASAP! Thanks!

Answer: The education credit is a “non-refundable” credit. If your tax bill is $0 and you got all of your withholding back (the amount in box 2 of your W-2), there’s nothing left to refund.

The $393 credit only brings the tax bill closer to zero. It can’t take it below zero.

Free clinics offer tax help

I’ll be honest with you. I’m no good with numbers. It’s probably no coincidence that as I aspired to being a writer and journalist, I was also taking calculus in high school. No surprise, then, that during tax season I usually get my taxes prepared by someone else.

Indiana Tax Preparer Filed False Claims for Refunds

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 you think Obamas tax plans benefit people mainly on welfare?

He proposes to raise marginal rates for just about every federal tax. the tax credits would mostly go to those who pay little or nothing in federal income taxes.wouldn’t this worsen the problem for the middle class…..? Thats stupid

Answer: So far pretty much everything Obama has done is stupid.

Not much impact from repeat buyer credit

It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market’s recovery. So far, people are staying put. In November, the federal government extended a tax… Real estate economics – Federal government of the United States – Tax – Business – Taxation

Joe Krier on Federal Reserve Chairman Bernanke’s Confirmation

Question: Question about education expenses, deductions, and credits on taxes?

Well my question is if I received a 1098T, and it has something listed in the tuition section (I was a student for the first half of 2009), does that mean I can qualify for the tax refund thing? Basically the reason I’m confused is while I did have the huge tuition bill, I paid it with student loans, not from my bank account. Does that disqualify me from listing it on my taxes, or not?

If that didn’t make sense I will add more info, this is my first year of filing “real” taxes (b/c I graduated college in 2009 and got a real job shortly after), so I don’t know all the fancy terms yet. I’m using TurboTaxOnline. Thanks!

Answer: Paying with loans is the same thing taxwise as taking the money out of your bank account, since you have to pay back the loans. Expenses paid with grants or scholarships are not eligible for an education credit.

Tax credits for college credits

Tax-advantaged strategies to fund children’s college education continue to offer CPA clients some relief from that heavy financial burden, but their value will vary widely according to each taxpayer’s financial picture.

FastWeb Insider Secrets: Education Tax Benefits

Question: I’m on disability soc.sec. and a law firm is suing me for a credit card I owe on?

I know there is a federal law that protects soc.sec. receiprents. I just can’t find it. It says nobody may touch soc.sec. money but the gov. for taxes and child support. Does anyone know where to find this law? Also if I’m sued and they win, and I’m on disability can they take any money from me. I need all of it to live on

Answer: the only garnishments on ssi or ssid that can be done are for student loans and child support. go to

www.ssa.gov or calll them at 1800 772 1213.

i have been a rep payee to two ppl for over 25 yrs.

i know someone who was sued but the income cannot be touched.

they can get a judgment but then they have 7 yrs to collect and they cannot collect on your income.

Ritter rejects tax amnesty for land credits

DENVER – Gov. Bill Ritter will oppose any legislation to grant amnesty to hundreds of Coloradans whose tax credits for conservation easements are being challenged by federal and state authorities. Ritter’s chief counsel, Trey Rogers, said the disputed credits total $100 million – money the state needs with a $1.5 billion budget deficit. Instead, the administration wants to settle each case …

Up To $8,000 in Federal Tax Credits