topic Re: tax credit/energy credit /direct deposit in Mortgage Loans

tax credit/energy credit /direct deposit

Anonymous — Fri, 26 Feb 2010 00:31:42 GMT

Just a couple of questions before I send off my return. I am using turbo tax, we have a new construction home so we are claiming the 8000 credit and the $1500.00 energy credit. I have not seen anywhere on turbo that I can't claim both so I am assuming that is ok??? Also, I know we have to mail our taxes and not efile this time but we can still direct deposit too?? Just double checking before I send them off tomorrow. Has anyone else filed for these? Thanks for your help!

Re: tax credit/energy credit /direct deposit

lkcrew426 — Fri, 26 Feb 2010 01:15:47 GMT

You CANNOT claim both (legally). The $1500 credit is for improvements, not purchases. I, too, am building new construction and we will claim the $8000. Alternatively, you can have parents or kids (that own a house) claim the $1500 - but you cannot.

Re: tax credit/energy credit /direct deposit

Anonymous — Fri, 26 Feb 2010 18:02:51 GMT

not sure about the energy credit, but we mailed in our tax return on Feb. 1 because of the Homebuyers tax credit, and put down our acct info for direct deposit. I have not heard anything yet. It does not even show up yet on the irs.gov site for ''where's my refund?'' Soooo...hopefully we get it soon. I could use it so I can buy things that qualify for the energy credit this year.

Re: tax credit/energy credit /direct deposit

Bocklin — Sat, 27 Feb 2010 06:19:00 GMT

It is my understanding that the residential energy credit is for IMPROVEMENTS... that means replacing existing property...

It isn't an improvement if you are putting it there for the first time!

Now if you built the home, and then after the structure was complete (you had a certificate of occupancy) and you decided to replace your cheap windows with energy star windows, or your 13 SEER HVAC unit with a 15 SEER, then that would qualify for the residential energy credit.

Re: tax credit/energy credit /direct deposit

Bocklin — Sat, 27 Feb 2010 06:19:54 GMT

@Anonymous wrote:
not sure about the energy credit, but we mailed in our tax return on Feb. 1 because of the Homebuyers tax credit, and put down our acct info for direct deposit. I have not heard anything yet. It does not even show up yet on the irs.gov site for ''where's my refund?'' Soooo...hopefully we get it soon. I could use it so I can buy things that qualify for the energy credit this year.

12 to 16 weeks to process those returns. The IRS didn't start looking at them until the 15th of February.

Re: tax credit/energy credit /direct deposit

Anonymous — Sat, 27 Feb 2010 13:08:30 GMT

I called the IRS yesterday. They said they have no record of receiving my return at all. She said they would at least know it was there. There was nothing. She told me to send another one. I didn't believe her, so I called my accountant. He told me to send another one too. I don't know what to do. I don't understand how a tax return in a large envelope with 6 W2's, a return, and a settlement statement can disappear. Before anyone asks about the W2's, my wife had a lot of part time jobs before she graduated college in May.

How do you know they didn't start looking at them until Feb. 15th?

Re: tax credit/energy credit /direct deposit

Bocklin — Sat, 27 Feb 2010 14:34:37 GMT

Had a meeting in January and that was one of the topics we covered... the info came from the IRS.

Re: tax credit/energy credit /direct deposit

Anonymous — Sun, 28 Feb 2010 23:46:21 GMT

Thanks for all the responses !! I have changed my tax return and mailed it off. I'm suprised that turbo tax didn't have some kind of catch to ask if I was sure since I was also claiming the $8000.00 credit. Once again the FICO family knows best I sent mine certified mail so I will know they have actually received it. Here's to hoping it doesn't take the 12-16 weeks