It's a tax credit so it reduces your taxes you owe by that amount, if you do not owe that amount they will not give you "free money" as some of the other tax credits do, I believe all the correct (and some not) information is in this thread.
1500 Tax Credit is Non-Refundable
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krooser
Minister of Fire
So someone explain to me how big government is supposed to HELP us?
Go to www.fairtax.org and take a long look at how a fair tax would work... far better than a VAT tax and we could eliminated most of the IRS... wouldn't THAT be a blessing!
Go to www.fairtax.org and take a long look at how a fair tax would work... far better than a VAT tax and we could eliminated most of the IRS... wouldn't THAT be a blessing!
Wow I can't believe the level of misinformation going on here.
First off, the thread-starter is dead WRONG. The average person does qualify.
The average working-class stiff pays taxes. Thus they qualify for the tax credit. If you run a business, or have another means of heavy tax deductions like huge medical bills, large family, etc, and have tax "write-offs" such that at the end of the year you owe less than $1500 in taxes (this has NOTHING to do with how much taxes you paid, or had withheld throughout the year) than you might not qualify for the full amount.
Look at line 44 on your 1040 from previous years, or line 11 if you filed a 1040EZ (this is basically shorter electronic version done by some online tax filing sites). If your TAX on this line, is more than $1500, then you'd qualify for up to the full amount depending on the cost of the stove.
Most people will qualify.
First off, the thread-starter is dead WRONG. The average person does qualify.
The average working-class stiff pays taxes. Thus they qualify for the tax credit. If you run a business, or have another means of heavy tax deductions like huge medical bills, large family, etc, and have tax "write-offs" such that at the end of the year you owe less than $1500 in taxes (this has NOTHING to do with how much taxes you paid, or had withheld throughout the year) than you might not qualify for the full amount.
Look at line 44 on your 1040 from previous years, or line 11 if you filed a 1040EZ (this is basically shorter electronic version done by some online tax filing sites). If your TAX on this line, is more than $1500, then you'd qualify for up to the full amount depending on the cost of the stove.
Most people will qualify.
What the others said. It's a tax credit. It reduces the taxes that you owe. If you owe no taxes you don't get any "free" money back.
Just wait until next year when Obamacare starts including the costs of your employer paid medical insurance as part of YOUR gross income on YOUR W2 to pay for OTHERS! And there's more..........
Just wait until next year when Obamacare starts including the costs of your employer paid medical insurance as part of YOUR gross income on YOUR W2 to pay for OTHERS! And there's more..........
newf lover
Minister of Fire
richkorn said:
Not true, please read http://www.snopes.com/politics/taxes/hr3590.asp
Sorry, not part of thread and I know I shouldn't comment, but....
So will I get the rest of the credit this year? I got 900 for my 2009 taxes will I get the rest $600 in my 2010 taxes?
Also I upgraded my windows to energy star which will be a $866 tax credit. Is the energy tax credit a one time thing? or can you use it for different upgrades?
Also I upgraded my windows to energy star which will be a $866 tax credit. Is the energy tax credit a one time thing? or can you use it for different upgrades?
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