The Federal Tax Credits Blog

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GGN- Economic News :: February 4, 2011 Part 2/2

White House Mulls Extending Homebuyer Tax Credit

Despite the dismal sales of new U.S. homes last month, the Obama administration is not yet sure about extending the First-Time Homebuyer Tax Credit, but it is eyeing other moves to revive the housing market.

Rep. Welch calls for extension of First-time Homebuyer Tax Credit

Question: if i started college in december but got loan in jan does that count for 2009 or 2010 taxes?

i started university of phoenix in december and applied for loans at that time but didnt get the funds till jan 12 to pay for classes starting in december does this count for taxes this year or next year? can i use the hope tax credit for this?

Answer: I would say that would be 2010 taxes, you didn’t actually get your money until January 2010.

In ailing Nevada, Obama bets on his economic strategy

The president tries to help Senate majority leader Harry Reid convince the state’s restive voters that he deserves reelection. President Obama wrapped up a two-day sales pitch for his administration’s economic policies by pushing for a $5-billion expansion of tax credits for clean-energy manufacturing, an industry that recession-worn Nevada has clung to as a potential lifeline.

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

Question: Rebate Stimulus Credit – No SSN?

I did not apply for an SSN for my wife as I was not aware that for the Stimulus check, we need SSN. I cannot get the rebate stimulus credit now as she still does not have the SSN. But I can apply for her work authorization and then get the SSN somewhere in July 2009. What are my options?
1. File the return now, & then go for the amended tax return
2. Apply for an extension, & then file the return in July 2009.
3. Would it possible to claim this in 2010 return?

Answer: You seem to have it down. I would not file an extension just for this reason. According to the IRS, this is not a reason to delay filing. To receive the stimulus, you have to have been eligible in the end of 2008. I do not know your situation, but if this is accurate, you can choose to file an amended return when you receive the number.

April Home Sales Up as Tax Credit Expires

CEDAR RAPIDS – Home sales shot up as many home buyers beat an April 30 deadline to get a federal tax credit for their home purchase. Record sales were recorded by realtors in the Cedar Rapids Area Association of Realtors multiple listing service.

Northern VA Market Update for May 2010

Question: Income tax: credit from another state?

Does anyone know exactly how to get this right? I work in NY and live in NJ. I only pay tax in NY. I have always used taxcut to claim tax paid in NY in the NJ tax. But this year things are looking suspcious…
1- what is the income I should use? Is it my state AGI or my state taxable income? More precisely, in my IT-2003 from NY, which field to use for that?
2-For the tax paid to the other state, I believe I simply use the box 17 on my W2 for NY.
3- Also, never before I had my W2 reporting NY and NJ with 2 diff values on box 16, state wages. This year I have such scenario, and was told it is because of my 401k. Well, same company, and always contributed to 401K before, so afraid last few years will have to be amended.
4- When entering my taxes on the W2 session of the software, I assume now I have to enter one line for each state, right?

Thanks.

Answer: You file a “resident” state income tax in New Jersey, and a “non-resident” state income tax in New York. This is the way you should have been filing all along.

I don’t know what tax software you use, but in Turbo Tax, the interview asks “did you earn money in any other state” and then it will guide you through the different state income tax forms (for a fee of course).

A magic word

WORCESTER – Want to send an e-mail, check a bank account balance and pay a credit card bill, all on a phone, without typing in all those often hard-to-remember passwords? There’s an app for that.

Federal Agents Raid Clinton, Iowa Business