topic Re: 7500 Tax Credit- Anyone Receive in Mortgage Loans

7500 Tax Credit- Anyone Receive

Anonymous — Mon, 09 Feb 2009 17:49:27 GMT

hello All!

I am going to do my taxes this evening, and just wondering if anyone has yet actually received their First time Homebuyer Credit of 7500.00?

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Mon, 09 Feb 2009 17:59:33 GMT

I did my taxes using Turbo Tax and I should get the direct deposit Friday. The IRS has accepted my return which includes the 7500.00 tax credit. PUMPED. I filed erly last week.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Mon, 09 Feb 2009 18:00:38 GMT

Awesome- do they tell you immediately if the IRS accepted the return?

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Mon, 09 Feb 2009 18:06:26 GMT

Turbo tax will tell when the IRS accepted the return once it has been accepted use this website to check the status with the IRS https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Mon, 09 Feb 2009 18:09:01 GMT

Thank You!

Re: 7500 Tax Credit- Anyone Receive

LisaJ — Mon, 09 Feb 2009 18:14:44 GMT

I filed, got my direct deposit on Friday and yes, I received the credit.

TurboTax was great, and I deducted everything possible. Don't forget to check for closing costs that are allowable deductions.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Mon, 09 Feb 2009 19:10:47 GMT

Just wondering if TurboTax prompts you enter figures associated with the purchase of your home? ie. The 7500 credit, prepaids and closing costs, points etc. Does anyone know? Thanks in advance.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Mon, 09 Feb 2009 19:16:52 GMT

Turbotax prompts for mortgage interest, prepaid costs, points, deductible insurance, property tax, everything. It's really simple. The $7500 credit is a slightly different portion of the program, but it figures it all out for you as well.

Re: 7500 Tax Credit- Anyone Receive

Donna1966 — Mon, 09 Feb 2009 19:33:02 GMT

We got ours January 30th.

We used Taxact and all it asked for was the address and verification that we had not owned another home within 3 years. Also, asks a few questions to verify that you are not an illegal alien, or that you haven't bought the house from a close relative. You have to put in the purchase price and date of closing.

I was surprised that it didn't go much further than that. We would have owed $1500, but instead got a refund of $6000!

So in keeping with the purpose of the credit (or loan), we went out and bought a 50" TV, a surround sound, refinished the basement and bought a new sectional for the finished basement! So, its all gone, but we wouldn't have been able to do that without the "loan"...and we helped the economy! My DH was MORE than willing to go out and spend this money, being he got the TV and surround sound! Our basement is our new heaven!! lol

Donna

Message Edited by Donna1966 on 02-09-2009 11:33 AM

Re: 7500 Tax Credit- Anyone Receive

shalane85 — Tue, 10 Feb 2009 02:12:00 GMT

I got my credit on Jan 30th. Which was a nice refund because I already overpaid about $6500. I paid off some debts, bought my girls a new bedroom set, and my husband bought some 20 inch rims. Thats about the most stimulating of the economy I'm willing to do until Xmas.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Tue, 10 Feb 2009 16:11:51 GMT

@LisaJ wrote:
I filed, got my direct deposit on Friday and yes, I received the credit.

TurboTax was great, and I deducted everything possible. Don't forget to check for closing costs that are allowable deductions.

Did you get your direct deposit on the day TurboTax told you that you would or was it a few days later?

I ask because TurboTax said that we'll get ours this Friday while the IRS says that we "should get ours by the 17th." Just wondering if the IRS is padding it's date estimation to preclude angry callers wanting to know where the #$@!% is their refund?!

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Tue, 10 Feb 2009 17:23:34 GMT

Wonderin--

When I check online mine also says by the 17th. I was a little worried because it says unless they find mistakes or I owe other taxes.

This message was different from the one for my daughter's return which was a very definate "will be deposited on" message. Her taxes were EZ whereas mine are itemized.

Did you get the same message about barring mistakes or owing other taxes? I'm probably paranoid but the message made me think they might have pulled mine for a special look-see.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Tue, 10 Feb 2009 17:32:13 GMT

@Anonymous wrote:
Wonderin--

When I check online mine also says by the 17th. I was a little worried because it says unless they find mistakes or I owe other taxes.

This message was different from the one for my daughter's return which was a very definate "will be deposited on" message. Her taxes were EZ whereas mine are itemized.

Did you get the same message about barring mistakes or owing other taxes? I'm probably paranoid but the message made me think they might have pulled mine for a special look-see.

This is EXACTLY what it says:

Refund Status Results

We have received your tax return and it is being processed. Unless we find mistakes or you owe other taxes, you should receive your refund by February 17, 2009.

TurboTax, when our return was accepted by the IRS, said that we would receive our refund on the 13th (this Friday). I dunno.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Tue, 10 Feb 2009 17:36:17 GMT

Exactly what mine says. I guess it's just a generic msg and I'll quit being paranoid.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Tue, 10 Feb 2009 17:36:28 GMT

Yannow, I'm beginning to think that you're right. We did itemize and we've ALWAYS itemized (last year, I filed a Schedule C on a sole-proprietorship) and we've ALWAYS gotten the "if there's no mistakes" message.

I'm also thinking that I'm right, too. That the whole "17th" thing is to cover their butts in case something with the deposit goes wrong or our bank decides not to post it right away. The IRS's Refund Cycle chart (links to a PDF file) says that our refund should be deposited on the 13th, just as TurboTax said.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Tue, 10 Feb 2009 17:45:44 GMT

!3th would be sweet!! I've already zero'd one cc with state refund and fed wil zero them all plus pay off a small loan I unexpectedly had to take out to replace a transmission--topic for a different thread.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Tue, 10 Feb 2009 18:38:06 GMT

If it was anything like mine, then the 13th should be the date they transmit the deposit to your bank. They give you the date of teh 17th because some banks take a couple of days to actually post to your account. I had the same conflict in dates on mine but ended up having it deposited on the erlier date because there was no lag time with my bank.

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Wed, 11 Feb 2009 22:34:12 GMT

@Anonymous wrote:
!3th would be sweet!! I've already zero'd one cc with state refund and fed wil zero them all plus pay off a small loan I unexpectedly had to take out to replace a transmission--topic for a different thread.

I **just** checked the IRS' "Where's My Refund" applet and it said:

Refund Status Results

Your tax refund is scheduled to be direct deposited on February 13, 2009. If your refund is not credited to your account by February 18, 2009, check with your bank to find out if it has been received. Please wait until February 18, 2009 before you contact us again because we are unable to take any action until then.

Have you checked for *your* status?!

*crossing fingers for goingforadream*

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Wed, 11 Feb 2009 22:48:20 GMT

Wooohoooo!!!! Feb 13 for me too!

In 2 days I'm cc debt free!!! I would have never believed that paying bills could be so much fun!

Re: 7500 Tax Credit- Anyone Receive

Anonymous — Thu, 12 Feb 2009 00:19:35 GMT

I bet it feels pretty good to pay off all credit card debt! I have 1 account left with a balance of $130 and thats it....so I know where you're coming.

Question about the Tax credit ($7500). Is this to be paid back with 0% interest over 15 years, or have they changed it to where it's a true tax credit without paying it back? I asked because we made an offer on a house and everything seems like a "GO" pending financing =)

Message Edited by Richard on 02-11-2009 04:19 PM