The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Question: Is the IRS going to process our homey buyer tax credit separate from the rest of our 2009 taxes?

We purchased a home after 11/7/09. The revised form 5405 is available but it has to be paper filed. Knowing that the home buyer credit was taking 4-5+ months to process I don’t really know if I want to file the 5405 with the rest of my taxes. We’re already due over 10K in additional refunds (separate from the home buyer credit) and I’d like to see that money sooner than this summer. I have all the supporting docs needed for the 5405 but am curious to know if the IRS is going to process our “standard” refund separate from our home buyer tax credit. Of course nobody has really “been there, done that” yet but does anyone know?

Answer: When there is a delay in processing a portion of a refund, the IRS typically splits the refund into two or more payments. The excess withholdings would be paid according to the published schedule. Some refundable credits such as the EIC may trigger a more in-depth review and would be paid separately. The FTHB Credit is being audited 100% so that will be delayed.

What is unknown is what the processing window for the FTHB Credit will be for taxpayers who file it with their original 2009 return. We do know that amended returns last year ran 4 to 5 months when everything went smoothly. We also know that original returns always take processing precedence over amended returns with the IRS, especially during tax season. If they follow this pattern, then a claim filed with your original return would most likely be paid more quickly than if you file without it and then amend once the original one is processed.

This is strictly a WAG but if you file the 5405 with your original return (by mail) you should see a direct deposit of the $10k (assuming that nothing there trips a flag) in 3 to 5 weeks and then the FTHB Credit about 2 to 3 months later. That one may be paid by check. If you e-file without the FTHB credit you should see the $10k by the end of January but the amended return for the FTHB credit will take the typical 4 to 5 months to process.

Don’t forget tax credit this year

The North Platte Telegraph It’s only six weeks to tax day, and the Internal Revenue Service wants to remind Nebraska taxpayers about the importance of the Earned Income Tax Credit.

Question: How does McCain’s healthcare tax credit help poor people?

For people that are not eligible for medicare or medicaid, how will the tax credit help these people pay for health insurance? For example, a family of 4, above the federal poverty level ($21,800 for 2008) let’s say around $30,000, after paying housing, food, clothes, absolute essentials, there is no money left to even buy health insurance. How will this $5000 tax credit help a family like this? Please no bashing the other party, this is about mccain’s solution to the problem of uninsured people.

Answer: they probably do not own a house and would recieve free medical care at the emergency room. Since they really do not pay taxes, they should not be given money either with an income tax break or being disbursed free money… as Obama has suggested

I think the families solution would be to get extra work to afford some health care discount or even insurance and then apply the credit

Amgen’s First Quarter 2011 Revenue Increased 3 Percent to $3.7 Billion

THOUSAND OAKS, Calif., April 20, 2011 /PRNewswire/ — Amgen (NASDAQ: AMGN) reported adjusted earnings per share (EPS) of $1.34 for the first quarter of 2011, an increase of 3 percent compared to $1.30 for the first quarter of 2010. Adjusted net income decreased 2 percent to $1,258 million in the first quarter of 2011 compared to $1,282 million in the first quarter of 2010. Total revenue …

McCain Unveils $5000 Health Care Tax Credit – 4/29/08

Question: $8000 home buyer tax credit?

I am looking to buy the first house in Mar 2010. I have just come USA for 3 month and had green card.
Do I get back $ 8000 from government?

Answer: It is up to $8000.00.Depends on the price of the house.Yes you you should be able to get the first time home buyer credit as long as you do it before april of this year.

Tea Party network emerges as counterbalance to state-level green pressure groups

Across the country, private citizens and business owners are joining forces with Tea Party activists to push back against well-funded green pressure groups that work with government officials. Over the past few decades, the environmental movement has worked to undermine property rights, block entrepreneurial activity and expand regulatory control without a serious, concerted response, according …

Ways and Means Hearing on Green Jobs Economy – Pickens Opening

Question: Can a first time home buyer get the tax credit under the latest stimulus plan if its considered a second home?

I bought my first home last month. It is considered a second home and not my primary residence. Under the new plan for first time home buyers, would I be eligible for the tax credit?

Answer: No.

Will Silver become money like Gold again?

The following are some snippets from the most recent issue of the International Forecaster. For the full 29 page issue, please see subscription information below.

2009 Housing Stimulus Tax Credit Overview

Community briefs: Rotary Flower Fest at Syngenta Flowers

Rotary Flower Fest at Syngenta Flowers The Gilroy Rotary Club will hold its annual Flower Fest from 8 a.m. to 1 p.m. Saturday at Syngenta Flowers, 2280 Hecker Pass Highway. There will be annuals, hanging baskets and more. Proceeds support local charities. Monkey comes to 9Lives Folk rock bands Monkey and Creature Colony will perform at 8 p.m. Friday at 9Lives, 7430 Monterey St. Cost: $8-$10. 21 …

Residential Energy Credits – TaxMama.com