Comments on: Refundable Tax Credit and Non-Refundable Tax Credit http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html like a friend telling you about money ... Tue, 22 May 2012 19:53:21 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: TFB http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-7080 TFB Wed, 24 Aug 2011 00:08:48 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-7080 @Ana - The first-time home buyer tax credit is an odd ball. There were three versions with different qualifying purchase periods. Only the first offer requires a payback. It's not a true tax credit, but merely an interest-free loan. The second and third versions were true tax credits. All other tax credits are also true tax credits and don't require a payback. @Ana – The first-time home buyer tax credit is an odd ball. There were three versions with different qualifying purchase periods. Only the first offer requires a payback. It’s not a true tax credit, but merely an interest-free loan. The second and third versions were true tax credits. All other tax credits are also true tax credits and don’t require a payback.

]]> By: Ana http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-7079 Ana Tue, 23 Aug 2011 13:37:26 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-7079 I noticed that for year 2010 those that took advantage of the First-Time Homebuyers credit are required to pay it back. Which of the credits listed above have to be paid back at a later time? I noticed that for year 2010 those that took advantage of the First-Time Homebuyers credit are required to pay it back.

Which of the credits listed above have to be paid back at a later time?

]]> By: matthew botsford http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-6453 matthew botsford Fri, 15 Apr 2011 18:01:12 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-6453 I owe 2,853.00. I have the maximum of 1500. from a 15,000.00 window job(30%) from the residential tax credit but it says I get $0.0 for it. Why? I owe 2,853.00. I have the maximum of 1500. from a 15,000.00 window job(30%) from the residential tax credit but it says I get $0.0 for it. Why?

]]> By: Valerie http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-6108 Valerie Sun, 27 Feb 2011 20:35:53 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-6108 Question on the Residential Energy Improvement Credit - I was single in 2009 and lived by myself and took advantage of the $1500 credit on my home. I then got married in Mar 2010 and I moved into my husband's house. We made improvements to this house in 2010 that would qualify for the credit. My husband did not take advantage of the credit yet. Should we file MFS so he can take advantage of the credit for $1500? Or do you think we can file MFJ and take the credit again? OR is the credit not available to him anymore because I took it in 2009 when I was single? Thanks!!! Question on the Residential Energy Improvement Credit – I was single in 2009 and lived by myself and took advantage of the $1500 credit on my home. I then got married in Mar 2010 and I moved into my husband’s house. We made improvements to this house in 2010 that would qualify for the credit. My husband did not take advantage of the credit yet. Should we file MFS so he can take advantage of the credit for $1500? Or do you think we can file MFJ and take the credit again? OR is the credit not available to him anymore because I took it in 2009 when I was single? Thanks!!!

]]> By: TFB http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-6093 TFB Sun, 27 Feb 2011 12:15:30 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-6093 @Carol - Sorry I have no idea what HRBlock.com is doing. Print out the tax forms and see where it entered the carryover. Remove that carryover and print out the forms again. Compare and see what changed. @Carol – Sorry I have no idea what HRBlock.com is doing. Print out the tax forms and see where it entered the carryover. Remove that carryover and print out the forms again. Compare and see what changed.

]]> By: Carol http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-6090 Carol Sun, 27 Feb 2011 04:48:27 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-6090 Question on the Adoption Tax carryover...child's adoption finalized in 2009. For 2009, our adoption credit was $5,311. Our return indicated that we would be able to carryover $6,839 on 2010 taxes. So, now I am working on my 2010 taxes and I'm using HRBlock.com to do them. When I get to the part about the adoption carryover, I enter my $6,839. It is not changing my refund amount at all...I'm not understanding this, because I was told that we would get the total $12,150 (total adoption credit for 2009) back over a period of 5 years. Can you help me to understand if this is correct? Thanks!! Question on the Adoption Tax carryover…child’s adoption finalized in 2009. For 2009, our adoption credit was $5,311. Our return indicated that we would be able to carryover $6,839 on 2010 taxes. So, now I am working on my 2010 taxes and I’m using HRBlock.com to do them. When I get to the part about the adoption carryover, I enter my $6,839. It is not changing my refund amount at all…I’m not understanding this, because I was told that we would get the total $12,150 (total adoption credit for 2009) back over a period of 5 years. Can you help me to understand if this is correct? Thanks!!

]]> By: TFB http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-6012 TFB Wed, 23 Feb 2011 01:34:15 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-6012 @marlin - You are correct about carrying forward tax credit for residential energy efficiency improvements. Only credits for solar panels, geothermal heat pumps, solar water heater, small wind energy systems, and fuel cells can be carried forward. Tax credits for other products can't be carried forward. See http://energystar.supportportal.com/ics/support/KBAnswer.asp?questionID=14819 @marlin – You are correct about carrying forward tax credit for residential energy efficiency improvements. Only credits for solar panels, geothermal heat pumps, solar water heater, small wind energy systems, and fuel cells can be carried forward. Tax credits for other products can’t be carried forward. See

http://energystar.supportportal.com/ics/support/KBAnswer.asp?questionID=14819

]]> By: Jazzbo http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-5848 Jazzbo Wed, 09 Feb 2011 14:01:55 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-5848 About tax credits.I have inherited 35,000.00 in tax credits. Are these refundable or non? About tax credits.I have inherited 35,000.00 in tax credits. Are these refundable or non?

]]> By: TFB http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-5798 TFB Fri, 04 Feb 2011 21:45:00 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-5798 @SDPinky17 - If it's a state credit, it's only applicable to state taxes. @SDPinky17 – If it’s a state credit, it’s only applicable to state taxes.

]]> By: SDPinky17 http://thefinancebuff.com/refundable-tax-credit-and-non-refundable-tax-credit.html#comment-5796 SDPinky17 Fri, 04 Feb 2011 20:39:28 +0000 http://thefinancebuff.com/2009/02/tax-credit-refundable-and-non-refundable.html#comment-5796 (addition to previous comment) Or is this credit only applicable to state taxes since it's a state credit? (addition to previous comment) Or is this credit only applicable to state taxes since it’s a state credit?

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