U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-06-2009, 02:29 PM
 
50 posts, read 263,667 times
Reputation: 49

Advertisements

can anyone post a updated weblink about the 15,000 tax credit..

all i am finding is feb4th post..
Reply With Quote Quick reply to this message

 
Old 02-06-2009, 02:39 PM
 
1,340 posts, read 3,235,346 times
Reputation: 447
You have TAX LIABILTY. THis is your (income - deductions) * tax rate.
If you withold more or less won't matter. That number won't change.
Your witholdings just effect how much more you owe or how much you overpaid at the end of the year.
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 02:42 PM
 
50 posts, read 263,667 times
Reputation: 49
I found some good link and document, may be everyone saw that before - just for anyone who didnt see this..

-- amendment file

http://isakson.senate.gov/Amdt_106.pdf

Johnny Isakson, United States Senator from Georgia

My questions
1.
PDF File : Page no 2: Line 22 - 25
Date of purchase ...
" After the date of enactment of the American recovery and reinvestment Tax act of 2009"
WHAT IS THAT DATE??

I am really confused now...
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 03:12 PM
 
Location: Los Angeles
283 posts, read 707,513 times
Reputation: 205
Quote:
My questions
1.
PDF File : Page no 2: Line 22 - 25
Date of purchase ...
" After the date of enactment of the American recovery and reinvestment Tax act of 2009"
WHAT IS THAT DATE??

I am really confused now...
It has not passed yet so we do not know the date
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 03:22 PM
 
50 posts, read 263,667 times
Reputation: 49
Quote:
Originally Posted by akcher View Post
It has not passed yet so we do not know the date
then why people in this forum stating that it is from January 2009. where is mr.ut... i forgot his id..
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 03:45 PM
 
Location: Los Angeles
283 posts, read 707,513 times
Reputation: 205
Quote:
Originally Posted by sathyakamaraj View Post
then why people in this forum stating that it is from January 2009. where is mr.ut... i forgot his id..
Because that was how it was originally written effective 01/01/09-12/31/09. They changed it to be effective after the bill passes and valid for 1 year.
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 04:28 PM
 
14,818 posts, read 18,840,841 times
Reputation: 11780
Quote:
Originally Posted by ogplife View Post
So the way to beat the system would be to sit down with your tax advisor and figure out a way to set your paycheck to owe otherwise a middle class earner like me that gets back about $1000 on average when I file would not benefit from this. I can't wait till this is sorted out it is very confusing, 14 pages and still no consensus on this forum.
I'm gonna be mad as hell if it works this way,
because it only rewards the people that end up oweing money to IRS (I bet almost all of them are rich and have no problem writing a $5000 check in April)

Poor & middle class people (especially if they have kids) that live pay check to pay check do everything possible to make sure that they don't end up oweing money to IRS.

These "responsible" people wouldn't get any money if what you guys are saying is true
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 04:34 PM
 
169 posts, read 607,867 times
Reputation: 63
Quote:
Originally Posted by Dopo View Post
I'm gonna be mad as hell if it works this way,
because it only rewards the people that end up oweing money to IRS (I bet almost all of them are rich and have no problem writing a $5000 check in April)

Poor & middle class people (especially if they have kids) that live pay check to pay check do everything possible to make sure that they don't end up oweing money to IRS.

These "responsible" people wouldn't get any money if what you guys are saying is true

What do you mean? You don't like owing (I mean lending) money to the IRS? (I agree with you)
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 04:42 PM
 
14,818 posts, read 18,840,841 times
Reputation: 11780
DEBATE SETTLED
I'M GETTING MY .........ING MONEY!!!


Tax Credits Provide Funds for First-Time Homebuyers, Childcare, Education and More (http://www.irs.gov/newsroom/article/0,,id=202107,00.html - broken link)
At the bottom of the page

Credits Save Taxpayers Money
These credits can increase a refund or reduce a tax bill. Usually, credits can only lower a tax liability to zero. But some credits, such as the EITC, the child tax credit, the Recovery Rebate Credit and the first-time homebuyer credit, are refundable –– in other words, they can make the difference between a balance due and a refund.

http://www.irs.gov/newsroom/article/...187935,00.html

Q: I don’t owe taxes and did not have taxes taken from my paycheck, do I qualify for the credit?
A: Yes, the credit is fully refundable, and you can claim the credit even if no taxes were withheld from your paycheck.
Reply With Quote Quick reply to this message
 
Old 02-06-2009, 05:00 PM
 
Location: Los Angeles
283 posts, read 707,513 times
Reputation: 205
Quote:
DEBATE SETTLED
I'M GETTING MY .........ING MONEY!!!


Tax Credits Provide Funds for First-Time Homebuyers, Childcare, Education and More (http://www.irs.gov/newsroom/article/0,,id=202107,00.html - broken link)
At the bottom of the page

Credits Save Taxpayers Money
These credits can increase a refund or reduce a tax bill. Usually, credits can only lower a tax liability to zero. But some credits, such as the EITC, the child tax credit, the Recovery Rebate Credit and the first-time homebuyer credit, are refundable –– in other words, they can make the difference between a balance due and a refund.

http://www.irs.gov/newsroom/article/...187935,00.html

Q: I don’t owe taxes and did not have taxes taken from my paycheck, do I qualify for the credit?
A: Yes, the credit is fully refundable, and you can claim the credit even if no taxes were withheld from your paycheck.
That is for the $7500 First Time Home Buyer Credit.

The $15000 Home Buyer Credit proposed by Isakson in the Stimulus bill of 2009 would over write that credit if it passes and it is very different.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top