The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Question: How does the income limit work for the first time homeowner credit tax?

I know that you can receive up to $8,000 if you earn $75,000 or below, but is that $75,000 for 2008 or 2009? I am in sales and earned more than $75,000 this year, but I am assuming that I will barely skin $75,000 this year. Thanks for the help!
Also, if I bought this with my boyfriend, would we each be entitled to $8,000 or would it be split and/or pro-rated between us? Thanks!

Answer: It will be for 2009.

It is modified gross income so you will take your gross wages and subtract 401k contributions, health care premiums deducted from your check and any flexible spending contributions.

So if your gross earnings are $75,000 your modified gross income should be below that if you make any 401 k contributions or you pay for any of your health care premiums by having them deducted from your paycheck.

Expiring federal tax credit sets off rush to buy homes

Incentives that can total as much as $18,000 for first-time buyers in California if agreements are reached by Friday, April 30, have prompted a shopping boom in the Southland. The expiring federal tax credit for home shoppers has put some froth back in the Southland’s real estate market: People are ditching work to search for new digs, plundering savings for down payments and striking as fast as …

Smart Homeowners Get Qualified with David Bach

Question: Do you think that the house would had stayed in session for an energy bill. If the republicans had not ?

already taken a tax credit away from people that were going to use solar or wind. Instead the republicans were only interested in giving more money to the oil company”s. I would have gone on vacation too!

Answer: Republican Abuse -like a husband who beats his wife then turns around and blames her for making him angry. That is what it seems like to me. I actually have Republican friends who were into the Solar panel business -they are voting Independentt now.

Home tax credit deal expires tonight, but other offers don’t

Although midnight tonight is the deadline to sign home purchase contracts to take advantage of federal home buyer tax credits, there is still much more time left to take advantage of other federal credits on home-related purchases.They include 30 percent tax credits worth up to $1,500 for the purchase of energy-efficient products, including windows and doors, heating, ventilating and air …

Green Jobs Energy and Renewable Tax Credits and Rebates

Question: Does having savings effect the amount of child tax credit you get?

I currently receive CTC but will be receiving some monies due to a death of a family member.

Will this effect the amount I receive in CTC

Thank you

Answer: I don’t believe its means tested it is to do with the amount of hours you work.

New buyer tax credit deadline Friday

The Friday deadline for first-time buyers to get an $8,000 tax credit when purchasing a home has given a recent boost to Jacksonville’s housing market. And local real estate agents are not worried business will dry up when the deadline passes:…

Tax Credit Reform means savings, more accountability

Question: Question regarding Injured Spouse form?

I have recently found out that my husband has defaulted on a student loan and the irs will keep our tax return. We have since called the lender and began a repayment plan to rehabilitate his loan. I was told that we can file an injured spouse form to be able to get some of our return back. I (the injured spouse) made all of the our income for 2009, but live in AZ (a community property state)…

If I file with the 8379 form, will they keep EIC? child tax credit (we have 3 children)?
Does everything get split 50/50?

I was also advised to file an extension and wait til the loan has been rehabilitated to file our taxes…
Will the offset be removed once the loan has been rehabilitated?
How long will it take for the offset to be removed from my husbands SSN?

Answer: When I filed an injured spouse claim last year in TX(another freaking community property state) they split our refund down the middle. I didn’t work(I was the injured spouse) and we got exactly half of the original refund. They may allocate it differently since you are the one with all the income but that is what happened in my experience

E is for extension as Tax Day comes and goes

Maybe it’s not as certain as death and taxes, but post-season tax work continues for millions out there. If you had to file an extension on your taxes, you were far from alone. Through early April, 2.3 million fewer returns were filed with the IRS than last year, meaning more later filers.

Personal Financial Advice : How to File a Tax Extension With the IRS

Question: Do i have to repay my 2009 first time homebuyers tax credit If I go to school in a different state?

I am planning to go to school in a different state and return after my college is finished, would it still be considered my principal residence for tax purposes or will I have to pay back the tax credit?

Answer: If the home is still your legal residence, no one else lives there, and you return there for vacations and summers, you are fine. If you change your residence and stop using the home personally as your permanent home, you must repay it.

Jay Nixon calls for cuts in Missouri’s tax credit program

JEFFERSON CITY — Missouri Gov. Jay Nixon mobilized educational leaders Wednesday to put pressure on the Legislature to revive his moribund proposal clamping down on state tax credits.

Crist Signs Voucher Bill