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Old 02-08-2009, 11:55 AM
 
28 posts, read 57,238 times
Reputation: 31

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Quote:
Originally Posted by forcedfx View Post
You should at least be claiming a 1 on your W4. If you're getting a refund that's a bad thing. It means your $2,500 is working for Uncle Sam and not you.

Also, it seems like they are taking a LOT of money out of your paycheck for your income bracket. Is the 24,000 JUST federal taxes?

im aware of that, but i like getting the big check at the end of the year.

the $24,000 is federal. state. socsec. med and everything

i live in california....nuff said
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Old 02-08-2009, 12:09 PM
 
28 posts, read 57,238 times
Reputation: 31
Quote:
Originally Posted by b-raaad View Post
one of you number crunchers do me and let me know if i can do anything to take full advantage.

my gross income $62,000
take home $38,000
taxes i pay every year $24,000
i usually get about $2500 at the end of every year for my refund.

i put about 5k in my 401k every year so my actual gross is like 67k, but 401k are taken out before taxes so lets use my adjusted gross income from above to minimize confusion and other uneccesary calculatioins.

so i buy a $200,000 house sometime around summer 2009
when do i get $15,000?

can i file an ammendment for my taxes that late in 2009? or would i have to wait till tax time in 2010 to get my first check? should i expect my regular $2500 that i get every year + the half of the 15k
(7500+2500) so that means i will get a check for 10k in 2010?

rinse and repeat for 2011 tax time?

i claim 0 on my w4 and they take the maximum amount of tax from me. should i change it to like 1 or something?


to take advantage of this situation can i address the following issues:
do i make too much?
too little?
pay too much taxes?
anything else?
wanna put this front page so that someone can read it and help me out
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Old 02-08-2009, 12:20 PM
 
14,817 posts, read 18,832,006 times
Reputation: 11777
Quote:
Originally Posted by texdav View Post
But that is exactly why we are in this messs in housing to start with. people that can't afford to buy what they buy.
That's exactly what I think,
republicans want to fix the housing market by giving an "extra incentive" to people to buy a house.

I was gonna buy my house anyway, so I'll take the money,
but to me the idea is ridiculous and will create more foreclosures.
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Old 02-08-2009, 12:26 PM
 
Location: SE Michigan
1,213 posts, read 4,243,874 times
Reputation: 674
I wish it would be retroactive. I was due to sign this past Friday but had to reschedule due to work schedule.

I would like to stall signing until this bill passes (if it does).

I am anxious to close and start moving... but it would just kill me, if I sign and 10 days later the bill passes and I miss out on $15k. I think I pay enough on taxes that I would pretty much get all the money taken out of my check all year long. I think I pay enough that I should get all of the $7500... if I can just stall for what maybe another 8 days.
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Old 02-08-2009, 01:57 PM
 
397 posts, read 735,532 times
Reputation: 498
Quote:
Originally Posted by b-raaad View Post
one of you number crunchers do me and let me know if i can do anything to take full advantage.

my gross income $62,000
take home $38,000
taxes i pay every year $24,000
i usually get about $2500 at the end of every year for my refund.

so i buy a $200,000 house sometime around summer 2009
when do i get $15,000?

can i file an ammendment for my taxes that late in 2009? or would i have to wait till tax time in 2010 to get my first check? should i expect my regular $2500 that i get every year + the half of the 15k
(7500+2500) so that means i will get a check for 10k in 2010?
The "new" version is a CREDIT AGAINST TAX...don't really know how much simpler to explain it.
You would be able to claim a credit of UP TO $7,500.00 for 2 years against your TAX FROM TAX TABLES...so, if your TAX was, say $8,500 the credit would reduce it to $1,000. You would then get a refund of your total FEDERAL taxes w/h (not including SS and Medicare or State) less the $1,000 tax due.
Taxes can be amended for up to 3 years from the original due date (the basic rule) so yes, you'd be able to amend. And I think that you'd be able to amend 2008 even though transaction is in 2009. (but dont' quote me on this)

I'm still confused, though, on which version IF ANY will be agreed upon. As it stands now it's still just the $7500 refundable loan...

Why don't "they" ask the people that they represent (us, you and me) instead of playing King of the Mountain with our money!!???
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Old 02-08-2009, 06:07 PM
 
14,817 posts, read 18,832,006 times
Reputation: 11777
Quote:
Originally Posted by SadieLu View Post
The "new" version is a CREDIT AGAINST TAX...don't really know how much simpler to explain it.
BTW, it's just an amendment to the previous version.
All stays the same except for a few changes (amendment)
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Old 02-09-2009, 09:43 AM
 
135 posts, read 635,346 times
Reputation: 45
When...
When...
Everyone is waiting...
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Old 02-09-2009, 12:13 PM
 
14,817 posts, read 18,832,006 times
Reputation: 11777
Son of a ....... b.....
I knew that there was something weird about me being happy that Republicans were doing something.... at some point I knew there was gonna be some small writing screwing me over

IRS says that a family of four making less than $92,000 won't get the full $15,000.


Bloomberg.com: Worldwide

Unlike the current law, the $35.5 billion provision wouldn’t be restricted to first-time homebuyers. It also would end homebuyers’ ability to claim the full credit if it exceeds the amount they owe in taxes.
The Senate-passed credit for homebuyers, unlike the existing $7,500 credit, isn’t refundable, which means house purchasers who owe less than $15,000 in federal income tax won’t get the full benefit in a single year.
Instead, the Senate provision would allow homeowners to split the $15,000 into two separate tax credits of $7,500 to be taken in successive years. To pay $7,500 in federal taxes, a family of four would have to earn about $92,125 (to get all the money) according to Internal Revenue Service tax tables.
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Old 02-09-2009, 01:28 PM
 
3,576 posts, read 5,908,700 times
Reputation: 1431
Quote:
Originally Posted by Dopo View Post
Son of a ....... b.....
I knew that there was something weird about me being happy that Republicans were doing something.... at some point I knew there was gonna be some small writing screwing me over

IRS says that a family of four making less than $92,000 won't get the full $15,000.


Bloomberg.com: Worldwide

Unlike the current law, the $35.5 billion provision wouldn’t be restricted to first-time homebuyers. It also would end homebuyers’ ability to claim the full credit if it exceeds the amount they owe in taxes.
The Senate-passed credit for homebuyers, unlike the existing $7,500 credit, isn’t refundable, which means house purchasers who owe less than $15,000 in federal income tax won’t get the full benefit in a single year.
Instead, the Senate provision would allow homeowners to split the $15,000 into two separate tax credits of $7,500 to be taken in successive years. To pay $7,500 in federal taxes, a family of four would have to earn about $92,125 (to get all the money) according to Internal Revenue Service tax tables.
So what's the worry about? It seems to me that people live in a "me me me" type of society where if a bill does not affect them or gives them others a chance of getting a tax break; these people do not want to support the bill (just on the assumption that people making more than 250K do not need any tax breaks).

You have to realize that people making 250K and up pay the majority of taxes. Should there be a cap on income limits? Well maybe, maybe they should institute a income limit on families earning less than 1 million. But the majority of people earning 250K-800K a year actually work and earn their money just like normal folks. These people cannot afford to be out of work for a long period of time. Sure they better off than most folks. But they pay more than their fair share of taxes and this will entice them to "move up" and buy another home.

This is stimulus bill, it's supposed encourage people to spend.

I'm all for "tax cuts" for the middle class. However, you do realize Obama's $500-1000 tax cut probably won't amount to much because most people would just hoard the cash or pay off debt and not really spend it.

With a 15K tax credit (against tax liability), most people I know who go out and do something with it like actually stimulate the economy.
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Old 02-09-2009, 01:47 PM
 
14,817 posts, read 18,832,006 times
Reputation: 11777
Quote:
Originally Posted by aneftp View Post
But the majority of people earning 250K-800K a year actually work and earn their money just like normal folks. These people cannot afford to be out of work for a long period of time. Sure they better off than most folks. But they pay more than their fair share of taxes and this will entice them to "move up" and buy another home.
I bet more than 95% of them already have a house and are not "1st time home buyers"
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