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What are the rules for claiming the Hope Credit on taxes?
"People that want to claim the Hope Credit on their taxes must follow the certain rules. It can only be done in the first two years of college, student must at least be a half time student, cannot be used for tuition that was paid for using scholarship funds, grants or employer money and the student must have no felony drug convictions."
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Can you claim your child for the earned income tax credit even if your ex is allowed to claim that child for the child tax credit?
Two people can not claim the same child. It's as simple as that. If the judge ordered that he get to claim the child for that certain year. Then he gets to claim him for… whatever deductions apply to him.
Yes as long as the property was not purchased by a family member.
Hope tax credits and IRAs have nothing to do with each other. So the answer is yes.
If you've made a mistake on a return you've already filed, you'll need to file an ammended return to fix it. If you don't correct it and the IRS catches your mistake, yo…u can get hit with an underpayment penalty. You can find more information about canceling your claim/correcting returns on the IRS website at this link: http://www.irs.gov/taxtopics/tc308.html Also, view my website to learn more about taxes and liability: http://www.taxreliefsolutions.com Thanks! Brent
If you claim tax credits that exceed the tax owed is the excess credit lost or can it be claimed in the following year?
If you claim a tax credit that exceeds the tax owed, you may be able to carry it over to the following year but it depends on the type of credit. General business credits, for…eign tax credits, and low income housing credits are a few examples of credits that can be carried over. Credits claimed by the every day taxpayer, however, such as education credits and child-related credits, cannot be carried over to the following tax year. A related question is whether you can receive a refund for the excess credit in the current year. The answer is yes if is a refundable credit: A refundable tax credit allows taxpayers to lower their tax liability to zero and receive a refund for the portion of the credit remaining. A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero. Any excess credit remaining is lost. The attached link discusses some refundable and nonrefundable credits. Once you get to the IRS website, type the specific credit you are curious about in the Search box to find out if it refundable or eligible for carryover.
Under IRS rules, it's the parent who can clearly prove to possession of the children at least 51% of the time.
You will have to meet all of the rules for this purpose. For more details on the credit, visit the First-Time Homebuyer Credit page on IRS.gov. A new version of Form 5405, Fir…st-Time Homebuyer Credit, will be available in the next few weeks. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return. A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.
If you received the 8000 dollar tax credit in 2009 will you need to claim it as income on your taxes?
No the FTHBC 8000 amount that your received in the 2009 tax year is not taxable income that you would have to report on your 1040 income tax return.
There are not limits are the number of dependent exemptions that are allowable on the return, however, there are very specific rules and tests to show whether or not a depende…nt exemption is allowed. See the Qualified Child (QC), and/or Qualified Relative (QR) Tests for further information. This information is not intended to be construed as tax advice. Consult with your advisor when taking dependent exemptions.
There are not likely to be any tax credits. The estate should reimburse you for your time and expenses.
Eligibility for the earned income tax credit is generally notaffected by domestic partnership, since the IRS does not recognizedomestic partnerships, except in Nevada. The IRS… does, however,recognize same-sex marriages and they can affect your eligibilityfor the EITC.
Starting in 2009, the Hope Credit is now the American Opportunity Tax Credit. You can claim it by filing Form 8863 and attached to Form 1040.
This would depend on where you live. In the UK, if the items purchased on the credit card were purchased solely for the business then the interest paid to the credit card c…ompany until these items were paid off might be considered a business expense. Essentially the business would be paying the credit card company interest for loaning it the money to purchase the business items. In this case proof of the interest accrued should be retained for tax records in addition to the receipts for the items purchased.
One can claim family tax credits in Canada by going through the family finances to find what can be deducted or not, spousal support payments, tax benefits and other tax consi…derations before filing a claim.
This would depend on whether or not they were dependents on your tax return? If so, you can file for the education tax credit but if they filed their own returns and aren'…t dependents on your return, then they are the only ones who can claim the credit. Whoever has the right should file a form 8863 along with their tax return in order to claim the credits. In order to complete this form you need the form 1098-T from their college or vocation school.