Tax Handles
January 24th, 1997
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Tax Handles
Question: is turbo tax set up to handle the 8000 tax credit?
I am wondering if I should just submit my taxes by paper form instead of turbo tax next spring. Also, should I hire a tax person so this does not get messed up? I can already see it now in that I use turbo which I love and the irs denies my credit.
Answer: Turbo tax and all other reputable tax preparing software will have this available.
It is done by completing IRS form 5405 as part of your return.
The credit is NOT a deduction so it is pretty simple to calculate. It is $8000 directly to you. If you owe $2000 you will get $6000 refund. If you are already getting a $2000 refund, you will get a $10000 return. Providing you qualify for the full benefit. There are income limitations as well as you can’t have owned a home within 3 years and you must close by 12/1/2009
This is why CHP pulls people over
Posted in 
Tags: