tax refund!

form 5695 i believe.

It's available online at irs.gov. Bring your receipts.

Turbo Tax does it without a hassle.........Form 5695 is correct.

-Soupy1957

I did the turbo tax thing. Couldn't find what could be included besides stove so I claimed EVERYTHING. I plead Geitner. ;-P

Took my taxes to H&R Block and claimed a $300 tax break on insulation. It pretty much helped me break even, got a little back. Where's that middle class tax cut Mr. Obama?

Todd said:

Where's that middle class tax cut Mr. Obama?

Click to expand...

It was there, but disguised. Remember back in the spring of '09 when we got an extra few bucks added to our checks each week? Actually, it was just a few less bucks that was cut from our checks in taxes. Well, if you didn't get it, you can get up to $800 back for married. If you did get the few extra dollars each week, consider yourself paid. I don't even think I got kissed. He made us all feel like we were getting something, then took it back at the end of the year.

I didn't think I was poor, but apparently Uncle Sam does.
My refund this year will be more than I paid in federal income tax.
I didn't even have a new stove to claim.

pen, During 2009 I installed a new Qualified wood stove, Qualified door and window, and Qualified window coverings to the house. Last Thursday I met with my CPA and reviewed all those details and the relevant credit/refund programs. Some of what I installed was covered under the "Qualified Building Envelope Components" part of the tax program. The stove was covered under the "Biomass Burning Stove" or "Biomass Burning Device" part of the program. Available information was a bit confusing (surprised?) but there does appear be two components to this tax credit/refund program- the two quoted above. I did receive the $1,500 maximum credit for the stove install.

This post is not intended to be tax advice. It merely reflects my experience and confusion associated with this beneficial tax credit/rebate program. John_M

boatboy63 said:

Todd said:

Where's that middle class tax cut Mr. Obama?

Click to expand...

It was there, but disguised. Remember back in the spring of '09 when we got an extra few bucks added to our checks each week? Actually, it was just a few less bucks that was cut from our checks in taxes. Well, if you didn't get it, you can get up to $800 back for married. If you did get the few extra dollars each week, consider yourself paid. I don't even think I got kissed. He made us all feel like we were getting something, then took it back at the end of the year.

Click to expand...

My wife is a CPA, and I'm working for her again this year preparing returns. This is not advice, however, merely what I've seen.

The few bucks extra were merely a cut in withholding, an advance on your refund if you want to think of it that way. I have seen some taxpayers who found themselves under-withheld for the year, much to their chagrin. Tax rates were not cut, but a tax credit was created. The $400 individual($800 married) Making Work Pay credit is available to everyone, although it begins to phase out at $75,000/$150,000 income. Social Security recipients, disabled veterans, and railroad pensioners should have received a $250 check in lieu of a tax credit.

BrotherBart said:

pen said:

Since I bought mine used, I think I'm hosed if I read this correctly.

Qualified energy efficiency improvements. Qualified energy efficiency
improvements are the following building envelope components installed
on or in your main home that you owned during 2009 located in the
United States if the original use of the component begins with you and
the component can be expected to remain in use at least 5 years.

pen

Click to expand...

And they prove the other guy ever used it just how?

Click to expand...

No need for the wink and nod. The quoted material is for energy efficiency improvements to the building envelope, and does not apply to biomass.

Problem with form 5695 is that is doesn't mention biomass stoves at all, although the credit exists. I'd suggest using line 3a on the form. Enter the total cost for the stove and installation. Line 5 has you take 30% of the cost, and line 6 limits the credit to $1500. The limit applies for 2009 and 2010, so if you get $1500 now, you can't buy another stove and take the credit again next year.

Note that installation costs are allowed for biomass stoves, but not for energy efficient windows, for example.

You need provide no proof of installation or qualification when you file, but if you are audited they will look for some proof that it was "placed in service" during the tax year and you need to have a Manufacturer's Certification that the stove qualifies.

soupy1957 said:

Turbo Tax does it without a hassle.........Form 5695 is correct.

-Soupy1957

Click to expand...

+1 got mine back in 8 working days used the full 1500 stove/insulation

I put a new front door on this year, it took $800 off of what I owed the government.

I re-read the qualifications and it looks like I am going to get a credit for the stove I bought in Dec 2008 but put in service in 2009
Thanks, guys! That will buy a few tons of pellets for next year's heating requirements!

Got my taxes done at H&R. I just submitted the receipt and the certificate the stove dealer gave me. Since I installed it myself I didn't get any credit towards installation. It is my understanding you get 30% of total costs up to $1500 back.

regency said:

I have been finishing my basement and should be able to claim the insullation as well as my insert, can I claim the drywall as it does have an "R" value?

Click to expand...

I am not a tax expert but a couple of hundred dollars in drywall material isn't going to amount to much of a credit. If the R factor is really small, I think you are grasping at straws, IMHO. You certainly can grab the insulation material itself for a credit.
Take what the fools in Washington will give you and be happy. With the country utterly broke, you won't find this kind of stuff anymore. Get ready to be taxed to death. I would not be surprised if they tax pellets, devalue the currency AND put in a VAT tax on everything. Get those torches and pitchforks ready..... and stock up on pellets!

FYI turbotax will miss excemptions despite going through the entire process. They got my homebuyer credit but missed the deduction for my new baby. (rolling eyes).

Just be sure to go back before printing and filing and MANUALLY go through each page.

tiber said:

FYI turbotax will miss excemptions despite going through the entire process. They got my homebuyer credit but missed the deduction for my new baby. (rolling eyes).

Just be sure to go back before printing and filing and MANUALLY go through each page.

Click to expand...

....And that is the value of having a professional doing your taxes. For the modest fee they charge, the price of NOT employing one can cost you $$$. A good adviser is worth the cost of doing business.

Well after three years of turbotax I would say I am now a qualified tax professional.