The Federal Tax Credits Blog

Posts Tagged ‘hope tax credit’

Question: do i get any kind of tax return back for being a full time student while collecting unemployment benefits?

i am currently tending college full time basis all year long in 2009 i have a 1098-T from the college. The amount billed for qualified tuition and expenses is $9,599.20. also the scholarships or grants portion on this form states $6,515.00. I am also on unemployment and have a 1099-G from them that is for $9,073.00. i didn’t have any federal withholding taken out for that . i have one dependent for which i do claim every year on my taxes. i am also filing head of household. any other details let me know i can add more info to help you let me know if i am able to receive any return back like hope tax credit or the learning tax credits & higher education tuition and fees deductions. please any information is greatly appreciated i do my taxes online on irs free file website my self i just want to know if i am doing this right when i get my return amount back thanks again!

Answer: You may be getting some back. It depends on whether or not you ever claimed the Hope Credit, if you haven’t claimed it. You may be able to get back up to 40% of your college expenses. I have to assume from your information that you probably had loans to cover the additional $3000 in tuition and expenses. You would be receiving 40% back up to $1000. It is called the American Opportunity Credit. As far as Earned Income Credit I don’t believe you are qualified for it because its not considered earned income, however because you file HOH and have a dependent you should not owe any tax and therefore should receive the whole $1000 back for qualified education expenses. You can go to any IRS free file site, the easiest that I have found and walks you through everything is www.hrblock.com.

Obama, Eagles, and Frogs

2011 Tax Season: ‘Larger and more lucrative’

WASHINGTON—As any parent knows, the pitter patter of little feet—and bigger ones too—can be a drain on the wallet. But when it comes to taxes, your children can mean extra deductions and credits.

JCCC Board of Trustees 5-21-2009

Question: Why is the first time homebuyer 2008 tax credit limited to purchases after April?

My hubby and I purchased our first home on February 11, 2008. In the past year we have incurred many cost associated with maintaining/owning a home and were hoping the new tax credit ($7500 loan) would benefit us. Not so because it is limited to those purchased after April 8, 2008 – why? Meanwhile our home value has diminished by 15k and we are really not seeing any added benefits to being a homeowner. Perhaps we should skip out on our mortgage, go into foreclosure, maybe the bailout will help save us then! While we are at it, we’ll file for bankruptcy and let the burden of our irresponsible behavior be left to the tax payers. Why does being a honest responsible American never pay off?

Answer: The simple answer is that the tax credit was passed in April and it was intended to stimulate more activity in the housing market. Making it retro-active would do nothing to entice buyers, so they made it effective as of the date it was passed.

I feel your pain. I bought my first house in September 2007 and I don’t even want to know what its worth right now.

While you could possibly get some sort of relief if you went into default, I don’t think its the best option.

The fundamental problem is that you see your house as an investment that should always be going up, and as soon as it goes down, you get worried. The fact is that your house is a place to live. If it makes you some money, then that’s nice, but that’s not the purpose of buying a house. You still have the house you agreed to buy, your mortgage payment should be the same, so there’s nothing to complain about. Keep making your payments and keep living in your house. If you’re viewing your house as an investment, then ride out the wave and wait for things to recover, have the same long-term focus that you should have with any investment.

When Will Houses Appreciate? Not Until Supply Bloat Clears

The supply of homes for sale threatens to back up due to expiration of a federal tax credit for homebuyers. That could push out the day that homeowners will see properties consistently appreciate again. And it could further dash homebuilding.

Mission of Hope Christmas Drive 2008

Report Finds Struggling Households in Hinds County

When a man lost his job at a trucking company recently, he started having trouble covering his monthly expenses. Though he found a part-time job washing dishes at a local restaurant, it only paid a portion of his month expenses, but not his car note.

Adam Bold – Back to Basics: Rebuilding Your Personal Wealth

Question: Va Home Loan Question?

My Father just received his Certificate of Eligibility for a VA home loan. Does this guarantee him the loan? What are the next steps? Also, his credit is below average, can he use me as a cosignee if I have an above average credit score? We’re hoping to get our first house this year and take advantage of the new home Buyers Tax Credit.

Answer: No, the bank makes the loan. VA makes it possible that you don’t need a down payment (or very little) and possibly the seller can pay closing costs if written as part of the bid. There is also the VA funding fee (which can be financed)- your father will be exempt if he is receiving compensation for a service connected disability.

http://www.homeloans.va.gov/lgyfaq.htm

These FAQ’s should help.

I’m not sure about cosigning, but the loan can be put into both your names.

Few teams for home-schooled athletes

COLUMBIA — Only 15 years old, Hannah McGennis tightly clutched the MVP trophy awarded to her for exceptional play. Hannah and her team, the Central Missouri Saints, were national champions after defeating the Thesa Riders of Fort Worth, Texas, on March 20 in the girls 16-and-under National Christian Homeschool Basketball Championships title game. “Our team enjoyed it because we’re the little …

Who our tax dollars went to and WHY! – The Crisis of Credit Visualized Part 1