Comments on: Refundable and Non-Refundable Tax Credit in Charts http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html like a friend telling you about money ... Fri, 10 Feb 2012 17:31:35 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Dave http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-7864 Dave Mon, 30 Jan 2012 09:35:31 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-7864 I had a 401k loan that I took out in 2009, I was paying the loan back along with my regular contribution until October 2011. Then I resigned from my job and withdrew part of my 401k. When I got my 1099R from my plan I was taxed for the withdraw and the loan. This put me in a bad spot because I have to pay taxes for money I did not receive this year. Can I defer the taxes on the loan until 2012. I had a 401k loan that I took out in 2009, I was paying the loan back along with my regular contribution until October 2011. Then I resigned from my job and withdrew part of my 401k. When I got my 1099R from my plan I was taxed for the withdraw and the loan. This put me in a bad spot because I have to pay taxes for money I did not receive this year. Can I defer the taxes on the loan until 2012.

]]> By: Ludwig van http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-5991 Ludwig van Sun, 20 Feb 2011 18:03:44 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-5991 Help....Can someone please explain (SIMPLY) this Refundable American Opportunity Credit qualification... You do not qualify for a refund if 1, 2, and 3 below apply to you. 1. You were: A. Under age 18 at the end of 2009, or B. Age 18 at the end of 2009 and your earned income (defined below) was less than one-half of your support (defined below), or C. A full-time student over age 18 and under age 24 at the end of 2009 and your earned income (defined below) was less than one-half of your support (defined below). 2. At least one of your parents was alive at the end of 2009. 3. You are not filing a joint return for 2009. Q. If I am a parent married filing joint return,(under 150,000$) do the above rules allow me to take both the credit refundable and non refundable for the expenses incurred for my 19 year old who is eligible and claiming as a dependent in my return?. Thank you Help….Can someone please explain (SIMPLY) this Refundable American Opportunity Credit qualification…

You do not qualify for a refund if 1, 2, and 3 below apply to you.

1. You were:
A. Under age 18 at the end of 2009, or
B. Age 18 at the end of 2009 and your earned income (defined below) was less than one-half of your support (defined below), or
C. A full-time student over age 18 and under age 24 at the end of 2009 and your earned income (defined below) was less than one-half of your support (defined below).
2. At least one of your parents was alive at the end of 2009.
3. You are not filing a joint return for 2009.

Q. If I am a parent married filing joint return,(under 150,000$) do the above rules allow me to take both the credit refundable and non refundable for the expenses incurred for my 19 year old who is eligible and claiming as a dependent in my return?.

Thank you

]]> By: Sandra http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-5917 Sandra Tue, 15 Feb 2011 01:53:19 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-5917 The visuals are great. I enjoy this website. It is helping me understand my "non-refundable" tax credit. I had hoped that the A/C contractor would have conveyed that this energy tax credit was a non-refundable, rather than not saying anything at all. The credit will probabaly be useless now in our case. The visuals are great. I enjoy this website. It is helping me understand my “non-refundable” tax credit. I had hoped that the A/C contractor would have conveyed that this energy tax credit was a non-refundable, rather than not saying anything at all. The credit will probabaly be useless now in our case.

]]> By: Dave http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-4861 Dave Tue, 05 Oct 2010 00:33:27 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-4861 Thanks, this exactly answered my question. Thanks, this exactly answered my question.

]]> By: Christina http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-4148 Christina Sat, 26 Jun 2010 03:16:23 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-4148 The adoption tax credit is now refundable, at least through FY 2011. The adoption tax credit is now refundable, at least through FY 2011.

]]> By: David H. http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3537 David H. Mon, 01 Mar 2010 19:22:58 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3537 Care to send the book my way since you've finished it? haha. I like the charts you did fine. They illustrate what you had written well. Care to send the book my way since you’ve finished it? haha. I like the charts you did fine. They illustrate what you had written well.

]]> By: KD http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3524 KD Wed, 24 Feb 2010 15:47:56 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3524 I tend to use Powerpoint. With its nifty drawing tools, its a lot easier to create illustrations as long as you don't need to use comparative data, say, as you would in excel. Just select all elements at the end and group them to create a wonderful picture and use it where ever you want. I tend to use Powerpoint. With its nifty drawing tools, its a lot easier to create illustrations as long as you don’t need to use comparative data, say, as you would in excel. Just select all elements at the end and group them to create a wonderful picture and use it where ever you want.

]]> By: TFB http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3523 TFB Wed, 24 Feb 2010 04:35:35 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3523 @Sammy - I just started my quest for creating better visuals. As JW pointed out, I'm not quite there yet. I read <a href="http://www.amazon.com/gp/product/0789736101?tag=pucif" rel="nofollow">Charts and Graphs for Microsoft Office Excel 2007</a> and I liked it. @Sammy – I just started my quest for creating better visuals. As JW pointed out, I’m not quite there yet. I read Charts and Graphs for Microsoft Office Excel 2007 and I liked it.

]]> By: JW http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3522 JW Wed, 24 Feb 2010 04:18:24 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3522 I'm not sure the charts clearly explain your point, especially with the line at the top and bottom of withholding. The key takeaway is total take-home pay... If you displayed annual income in addition to the withholding and tax liability you could show that someone that qualifies for a refundable credit could end up with more money than they earned in a given year. An example using real-world numbers might help too. I’m not sure the charts clearly explain your point, especially with the line at the top and bottom of withholding. The key takeaway is total take-home pay… If you displayed annual income in addition to the withholding and tax liability you could show that someone that qualifies for a refundable credit could end up with more money than they earned in a given year. An example using real-world numbers might help too.

]]> By: Sammy_M http://thefinancebuff.com/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3518 Sammy_M Tue, 23 Feb 2010 16:07:21 +0000 http://thefinancebuff.com/2010/02/refundable-and-non-refundable-tax-credit-in-charts.html#comment-3518 I'm a huge fan of visuals, but I think these statements in your prior post made the point pretty clearly: "A refundable tax credit can reduce your total tax to a negative number, which means the government pays you" and "If you pay enough taxes, it doesn't matter whether a tax credit is refundable or non-refundable." Not sure why some had such a hard time with the concept. Becoming better with visuals is one of my aims as well. Any good book recommendations on this? I’m a huge fan of visuals, but I think these statements in your prior post made the point pretty clearly: “A refundable tax credit can reduce your total tax to a negative number, which means the government pays you” and “If you pay enough taxes, it doesn’t matter whether a tax credit is refundable or non-refundable.” Not sure why some had such a hard time with the concept.

Becoming better with visuals is one of my aims as well. Any good book recommendations on this?

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