The only reason I'd wait until after you close to file is if you end up owing instead of getting a refund. Go ahead and e-file and get your refund (they don't pay interest on this balance) and then ammend your taxes after closing (they do pay interest on the fthb credit).

Just for reference:



[Edited on February 2, 2010 at 8:50 AM. Reason : http://www.irs.gov/pub/irs-pdf/p2043.pdf (refund cycle source)]

2/2/2010 8:46:44 AM

cool, much appreciated

2/2/2010 11:21:49 AM

^^hmm...thats odd, my tax advisor showed me a different chart that said they were switching to direct deposits on Wed. for some reason and I was getting mine on the 17th because I filed on Jan. 28th.

2/2/2010 11:31:21 AM

He is wrong.

For those of you getting the first time homebuyers credit submitting the hud statement with your return is not enough. You will also need two monthly statements from your mortage company, a copy of your drivers license with your new address, and a bill with your new address (water, electric, gas, etc..)

If you do not submit all of it there is a good chance they will deny you intially and then send a letter asking for this stuff.

2/2/2010 11:45:46 PM

^ where did you get that info from?

I send mine mid sept. and they have said none of that when I called. Still no credit though. They reject this, I'm gonna be pissed that I've been waiting.

2/3/2010 8:29:00 AM

Yea I just sent in my settlement agreement, but I closed end of April last year and sent the 1040x/5405/agreement literally the next day. I got all my stuff back about 7-8 weeks later with "Approved" stamped on them, but I forgot to sign the 1040x... doh! It was a relief to see "Approved" though. I got the check about 6-7 weeks after that point.

I have heard about all kinds of fraud and everything surrounding the credit, so things have probably changed a little bit since then. If they need more information I imagine they'll request whatever they need as opposed to rejecting it. Still a pain to wait, I know.

2/3/2010 9:41:42 AM

I didn't need any of that shit when I got the $7500 "credit-that-you-have-to-pay-back" last year.

2/3/2010 6:40:42 PM

^Speaking of which, does the recapture on that not begin until next year? I had assumed this year, but saw something that seemed to imply it starts with the 2010 return.

Right now Im slated to get a $3700 refund total...a lot of that is the education credit, but still hard to believe thats correct.

2/3/2010 7:02:54 PM

how do grants work as far as taxes? apparently financial aid has never encountered this "problem" before because they have no idea. one of my professors got all of us grant money that almost exactly covers tuition. do i have to pay taxes on it if there wasn't any left over after i paid for tuition and fees?

it says i have to pay taxes if i was required to use it for tuition, but with direct deposit my loan money and this money were combined, so i have no way of knowing whether that specific grant money was used for tuition.

[Edited on February 3, 2010 at 7:31 PM. Reason : .]

2/3/2010 7:25:09 PM

Quote :

"^ where did you get that info from? I send mine mid sept. and they have said none of that when I called. Still no credit though. They reject this, I'm gonna be pissed that I've been waiting. "

Mid September? Your going on 5 months. I would call them asap and see what is going on. 1.800.829.1040.

I got the information from a letter my client received. It required all of that information to process the return. I am simply suggesting that people put as much info as possible with the return. It can't hurt.

Quote :

"^Speaking of which, does the recapture on that not begin until next year? I had assumed this year, but saw something that seemed to imply it starts with the 2010 return. Right now Im slated to get a $3700 refund total...a lot of that is the education credit, but still hard to believe thats correct. "

It doesnt start till next year.

2/3/2010 9:34:38 PM

Quote :

"For those of you getting the first time homebuyers credit submitting the hud statement with your return is not enough. You will also need two monthly statements from your mortage company, a copy of your drivers license with your new address, and a bill with your new address (water, electric, gas, etc..) If you do not submit all of it there is a good chance they will deny you intially and then send a letter asking for this stuff. "

i haven't gotten around to printing mine out and sending it in yet. guess i'd better do some research and see how true this is. all turbo tax says is to send in a copy of the hud with the return.

damn it.

if anyone is interested, here's the gubment's official word:
http://www.irs.gov/pub/irs-pdf/i5405.pdf
http://www.federalhousingtaxcredit.com/faq1.php#10

[Edited on February 3, 2010 at 10:02 PM. Reason : link]

2/3/2010 9:56:52 PM

Have any of you efiled on hr block? If so when did you get your refund directly deposited? Hrblick said 7-10 days but the IRS said byyyyyyy feb 16th

2/4/2010 8:19:29 PM

^^
If you don't send it, you'll get a letter in the mail asking for it. If you don't send it in, the IRS will ask for the credit back. If you need it resolved sooner than later, go see them in person off of Wake Forest Rd.

For those who have filed, start posting your returns. I'm still waiting on my wife's W-2 and then I'll be done.

2/4/2010 9:32:58 PM

FUCK the State of NC. -$396

2/4/2010 10:35:04 PM

Got my State deposited in 9 days after filing

2/4/2010 10:57:00 PM

WhaT about your fed? I'd like to narrow done my expectations by a little bit

2/5/2010 6:26:10 AM

for anybody who takes your taxes to a CPA

if you have donations, give that shit a value and don't just give a Hope Harbor/Goodwill slip with what was donated

if you sold stock, make sure your statement has some basis on it

if you're trying to deduct some business expenses, don't just put a stack of receipts in a folder with no descriptions or anything


those three things are very common and very annoying

2/5/2010 10:07:56 AM

mine are going to be fun this year. Nothing crazy with me specifically besides filing married for the first time, but my wife had 3 different part time jobs in college in NC, 1 part time contract job in NC with a company that changed names halfway through the year (and sent her two different forms because of it), and freelance work performed for 8 months out of the year in NC and 4 in SC. We have all the paperwork and invoices, just going to be a pain putting all that in

2/5/2010 11:32:16 AM

POTENTIALLY DUMB TAX QUESTION:

I'm filling out the 1098-T on TurboTax. My form has an amount on
box 2 for "amounts billed for qualified tuition and related expenses" and an amount for
box 5 for "scholarships or grants"

when i click Next, it asks how much of that amount in box 2 has actually been paid to the school, and the default amount is the same that is printed in box 2.

I wouldn't be able to be enrolled right now if that entire billed amount was not paid to the school right?

2/5/2010 9:28:48 PM

The billed amount is not necessarily the amount paid on your behalf. You could be billed in December for the Spring semester and get this form but never of paid any tuition or fees in the calendar year.

2/5/2010 9:40:29 PM

when i leave the default amount, my refund amount looks way too high
if i put in zero, it goes back to where it was before i started entering the 1098-T

im not sure how to figure out what amount to put in there, it already asked for scholarships/grants, so why would it ask again

do scholarships/grants count as any amount paid on my behalf? nevermind, it does say (including scholarships, fellowships and grants) when it asks that clarification question

but there's like a $1200 difference between the billed amount and the scholarships/grants amount



i just re-entered the amount as the scholarship/grants amount ... and then it indicates that i get a "Lifetime Learning Credit" of $1400

[Edited on February 5, 2010 at 9:52 PM. Reason : wtf]

2/5/2010 9:44:35 PM

Federal: $5,785
State: $6,828

Major credits for purchasing a geothermal heating/cooling system for home. 30% of total cost of system federal, 35% for state.

2/6/2010 10:49:19 AM

I always get a refund from both, usually around 1000-2000 total, only because I purposely pay more during the year than I should.

I have very specific reasons for overpaying during the year though.

2/6/2010 12:11:06 PM

Got state deposited on Thursday and Federal deposited on Friday

2/6/2010 1:02:05 PM

Quote :

"when i leave the default amount, my refund amount looks way too high if i put in zero, it goes back to where it was before i started entering the 1098-T im not sure how to figure out what amount to put in there, it already asked for scholarships/grants, so why would it ask again do scholarships/grants count as any amount paid on my behalf? nevermind, it does say (including scholarships, fellowships and grants) when it asks that clarification question but there's like a $1200 difference between the billed amount and the scholarships/grants amount "

Generally, scholarships and grants are deducted from amount paid when figuring the credit. For example, if $10,000 was paid for tuition and fees and you received $4000 in grants, $6000 would be your starting point when figuring the credit or deduction.

There are 4 different options you have when trying to figure this out.

1. Tuition and Fees deduction (adjustment on front page of 1040) - generally used for higher income returns as the income is to high to be eligible for education credits.
2. Hope credit - used for first two yours of postsecondary education in a 4 year degree program
3. Lifetime learning credit - available to anyone, most often used by graduate students, and part time students.
4. American Oppurtunity credit (new to 2009) - this is the best credit and available any year of a 4 year degree program.

These are brief summaries but may help.

2/6/2010 7:57:37 PM

Here's an error that was found during the check:


Scholarship amount excluded from gross income must be entered. Scholarship amount: ___________

not sure what exactly it's asking for...all the information i have was on the 1098-T, so why is it asking for something else?

it's under Part IV: Qualified Education

#20 Tax-Free Education Assistance:
a: Scholarships or grants reported on Forms 1098-T: _$(amount)
b: Enter scholarship amounts excluded from gross income: _______ < --- this is what's highlighted

2/6/2010 8:13:50 PM

doubledown when did you file your taxes?

2/6/2010 9:57:24 PM

got my taxes all done and ready to file, I just have to wait for my daughter's social security card/number to come. It takes 11 weeks from the day you request the card/number before you receive it in North Carolina - 11 fucking weeks - thats the longest it takes out of all 50 states. So our daughter was born in mid-December and we have to wait until March to receive her card and file our taxes.

2/6/2010 10:19:36 PM

Got refund from state thur & federal yesterday

[Edited on February 6, 2010 at 11:01 PM. Reason : asdf]

2/6/2010 11:00:25 PM

kiwi, I filed on jan 19th

2/7/2010 12:30:26 AM

Huge refund this year with getting married (didn't bump my W4 # up from the previous years of being single) and my wife not having much income since she didnt have a full time job after graduating in May. She also got all the tuition credit etc.

~$5000 return b/w federal and state. oops Time to try and adjust for 2010...

2/7/2010 4:56:59 PM

Quote :

"Here's an error that was found during the check: Scholarship amount excluded from gross income must be entered. Scholarship amount: ___________ not sure what exactly it's asking for...all the information i have was on the 1098-T, so why is it asking for something else? it's under Part IV: Qualified Education #20 Tax-Free Education Assistance: a: Scholarships or grants reported on Forms 1098-T: _$(amount) b: Enter scholarship amounts excluded from gross income: _______ < --- this is what's highlighted "

On your 1098-T is the scholarships and grants greater then tuition and fees paid? If so the difference has to be included as income on line 7 of 1040.

2/7/2010 8:16:17 PM

Quote :

"Quote : "^ where did you get that info from? I send mine mid sept. and they have said none of that when I called. Still no credit though. They reject this, I'm gonna be pissed that I've been waiting. " Mid September? Your going on 5 months. I would call them asap and see what is going on. 1.800.829.1040. "

I went ahead and called to good news! They said that it is available for release and will be mailed out on Friday! Over 800 dollars in interest as well! 800 bucks will be well worth the wait!

2/8/2010 5:21:20 PM

What the hell, people that filed days AFTER me have already gotten their refunds and I haven't

2/8/2010 5:32:53 PM

I have a tax question;

My fiance and I just purchased a house. I don't qualify for the $8,000 tax credit since it's not my first home, but she does. It is my understanding that she will still get the money with me co-signing for her...no big deal. My bigger question is when will she be eligible and how will she go about getting the refund? She is currently in school and won't graduate until May, so for 2009 she is still a dependent of her father. However, the home purchase was in 2010, and she will not be claimed as a dependent this year.

Do we have to wait until next year to get the credit?

2/8/2010 5:48:35 PM

From irs.gov

Quote :

" Q. I am a long-time resident and current homeowner and my spouse is a first-time homebuyer (has had no ownership interest in a principal residence during the three-year period ending on the date of purchase of a new principal residence) and we purchased a new principal residence. Can we qualify for either the first-time homebuyer credit or the long-time resident homebuyer credit if we purchase a new principal residence? A. No. Both you and your spouse must be first-time homebuyers in order to qualify for the first-time homebuyer tax credit. Since you had an ownership interest in a principal residence during the three-year period ending on the date of purchase, neither you nor your spouse qualifies for the credit. Similarly, both you and your spouse must be long-time homeowners of the same previous principal residence in order to qualify for the long-time resident homebuyer credit. Since your spouse is not a long-time homeowner of your current principal residence, neither of you qualify for the credit. (12/14/09) "

I suggest that you do not co-sign on the mortage or put your name on the deed if that is possible. She will not be eligible for the credit if you do so. The dependency issue is a bit more complicated.

2/8/2010 7:12:37 PM

I had to co-sign in order to get loan approval since my fiance is still in school with no income and not much credit history. However, it is my understanding that since we aren't married, she will still qualify even though I am not eligible.

From IRS website:
"S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence."



But this still doesn't help me know how to get around the fact that in 2009 she was listed as a dependent to her father, and the home was purchased in 2010...

2/8/2010 11:40:16 PM

Sorry didnt realize you werent married. My guess is that you will have to wait till she can file TY 2010 and claim herself as a dependent. I will look into it further.

2/9/2010 1:02:30 AM

couldn't she wait to file the credit next year with her 2010 tax? Just make sure you guys don't get married this year.

2/9/2010 1:47:30 AM

Yeah, I assume we wouldn't have any problem if we waited until next year to file it. I was just hoping for a way to get the money before then...

Also, we are getting married in May, but I have been told that won't affect her eligibility for the credit since we closed on the house prior to getting married.

2/9/2010 7:26:49 AM

DE must have things in check, state refund was deposited 2 business days after submission

2/9/2010 8:14:29 AM

How the fuck did I make less money and still owe taxes

2/9/2010 3:48:42 PM

i'm using TaxAct online, and there's this section in the Federal Q&A called "Making Work Pay Credit." It asked me if I received an economic recovery payment or a government retiree pension in 2009. I said no and it gave me a $800 credit. i did a little bit of googling, and it seems to be related to the adjusted withholding that occurred earlier in the year, but I have my doubts that I'm actually eligible for this credit and TaxAct isn't just not asking me sufficient questions.

anybody know what's the deal with this thing?

2/10/2010 12:43:48 AM

TurboTax gave me the single version of this reduced witholding ($400).

Quote :

"Making Work Pay Credit Part of the government's 2009 American Recovery and Reinvestment Act, the making work pay credit reduces your 2009 taxes up to $400 ($800 for couples filing a joint return). If you're eligible for this credit, chances are you've already been receiving it in the form of reduced withholdings on your paychecks. TurboTax will figure out your credit and make sure you've received everything you're entitled to. Did you receive veterans' benefits? You may notice a change in the refund monitor when you claim the making work pay credit. This is because, as a veteran or survivor, you have already received a check for $250 for the economic recovery payment. The government subtracts this amount from the making work pay credit. For example, if you qualified for a making work pay credit of $800, but already received an economic recovery payment of $250, your making work pay credit would be $550 ($800 - $250). "

2/10/2010 3:59:34 AM

yep, everyone gets the $400, $800 for married jointly

it's the only reason I'm getting a refund this year

2/10/2010 8:37:18 AM

Quote :

" chances are you've already been receiving it in the form of reduced withholdings on your paychecks"

so are we supposed to subtract whatever extra withholding we received during the year from this $400/800

[Edited on February 11, 2010 at 12:00 PM. Reason : and how come taxact doesn't do this for you]

2/11/2010 11:59:44 AM

Re: "making work pay" credit, TurboTax handled it the same way for me. Even though the credit bumped up my checks by a few bucks, TurboTax is still trying to give me the $800. Doesn't seem right.

2/11/2010 12:53:01 PM

Federal: $450 (thanks to that "Making Work Pay" credit)
State: -$4

2/11/2010 12:58:20 PM

If TurboTax doesn't give you the $400/$800 credit then you'd essentially be paying back all the extra money you were getting in your checks. I say essentially because you can still have a refund but it'd be for $400/$800 less than you should have received. If your w4 was filled out ideally (meaning no refund/no taxes due) then it would show up as you owing $400/$800 (the extra money in your paychecks) until you factored in the credit.

2/11/2010 12:58:35 PM

Quote :

"so are we supposed to subtract whatever extra withholding we received during the year from this $400/800"

no

if you're filing married jointly, you'll get the full $800

^ yeah, that's right

2/11/2010 1:47:00 PM