2009 rebate question

[itsjustmeibe]

---

@Anonymous wrote:

 Sorry to bring up an old topic here...

Just to clarify....

I filed my 2008 taxes and received my money back. If I buy a home in 3/09 I can still file an addendum under my 2008 taxes. Is that correct?

---

yes, you can file an amendment under 2008 and I suggest you do that. Your taxes will be filed jointly so that means you have up to $150k to qualify. Don't wait for 2009 taxes, because his 2009 income would be used and you don't want that.

you will get an additional $8k aside from any refund you already got. this tax credit is completely separate from what you already were refunded for.

[Anonymous]

Thanks!

 Has anyone gotten this refund yet? I am also curious as to how long it takes as previously mentioned by another person

[twoaklawn]

As far as when you will get your money, I asked a tax accountant friend about that.  She told me that when you file an amended tax return and the IRS owes you money, they have 90 days to get the additional refund money to you.  She also remarked that without fail, the IRS will mail or direct deposit the money on day 89, every time! 

[Anonymous]

---

@itsjustmeibe wrote:

---

@Anonymous wrote:

 Sorry to bring up an old topic here...

Just to clarify....

I filed my 2008 taxes and received my money back. If I buy a home in 3/09 I can still file an addendum under my 2008 taxes. Is that correct?

---

yes, you can file an amendment under 2008 and I suggest you do that. Your taxes will be filed jointly so that means you have up to $150k to qualify. Don't wait for 2009 taxes, because his 2009 income would be used and you don't want that.

you will get an additional $8k aside from any refund you already got. this tax credit is completely separate from what you already were refunded for.

---

I am a little confused on the tax credit.   I thought it worked like this.....If I paid $4000 into the feds and my tax was only $2000 I normally would get a refund of my original $2000........   4000-2000=2000 but because of the credit I would actually get the full 4000 but not more than I paid in.   Is this correct??   Thanks in advance.

[Anonymous]

This is a refundable credit. You'd actually get back $10k!

[buyhouse36]

Are you saying that if you buy your home in 2009 before the July cutoff for the $7500, you get both credits?? You can get 7500 now and claim the 8000 also??

[Anonymous]

No, you can only receive one not both.  As I understand it if you purchase in 2009 before Dec 1st you can get the 8000 credit.

Message Edited by love2golf on 03-13-2009 06:22 PM

[Anonymous]

---

@Anonymous wrote:
This is a refundable credit. You'd actually get back $10k!

---

Wow that is great news!!  Thanks.