All Questions
Tagged with tax-credit income-tax
49
questions
1
vote
0
answers
45
views
Can I get the "EV Federal Income Tax Credit" if I moved to US in 2024 and want to use my previous 2023 year's income?
I moved to the US a few months ago at the start of 2024 and I am considering buying an EV. I am looking up all the rules for the EV tax credit and my this year's projected income will likely cross the ...
- 11
0
votes
2
answers
187
views
Is there anything wrong if I request the Earned Income Tax Credit (EITC) if I live abroad with my family?
My tax software seems to allow me to fill out Earned Income Tax Credit (EITC) but I wanted to make sure that I really qualify.
For 2023, I have earned income $52,000 and $5500 in a stock sale and $2-...
- 462
0
votes
1
answer
43
views
Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?
I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
- 159
2
votes
1
answer
977
views
Can I get the "Electric Vehicles Federal Income Tax Credit" for previous year as a non-resident but this year I am a resident of California?
Last year I filed the tax as a non-resident (lived in US/California less than 180 days, but I have a non-immigrant dual intend L1 visa). This year I am filing tax as a resident in California. If I buy ...
- 23
0
votes
1
answer
101
views
Estimated Taxes and Solar Tax Credit [duplicate]
Can I apply the anticipated solar tax credit for my system that was installed in 2023 to my Form 1040-ES estimated tax payments (i.e. lowering them by that amount) without incurring an underpayment ...
- 185
4
votes
2
answers
202
views
Why does the credit for prior year AMT exist?
The ways in which the US alternative minimum tax (AMT) differs from the regular tax fall into two components: excluded deductions (e.g., state taxes) and disallowed deferrals (e.g., exercising ISOs (...
1
vote
0
answers
52
views
Tax implications of advance on a future tax refund
Pursuant to M. G. L. c. 62F, there is a limit on the amount of taxes that the state of Massachusetts can collect in a given tax year. Section 2 provides that the taxes collected year over year cannot ...
3
votes
1
answer
227
views
Why would CP11 notice of incorrect Child Tax Credit have an amount that isn't a multiple of $500
I received a CP11 notice saying they changed the amount claimed as nonrefundable Child Tax Credit or credit for other dependents because I either didn't enter an amount or entered an incorrect amount ...
- 2,602
1
vote
0
answers
108
views
Received child tax credit refund after owing federal taxes
I filed my taxes (married filing jointly) in early February and owed $2,075 in taxes on AGI of $160,750. I have 2 children (ages 6 and 8) who I claim as dependents.
We were issued 6 monthly payments ...
0
votes
1
answer
116
views
What items can I deduct in my 1040 to increase my child tax credit refund?
The past few years I reported wages, capital gains, rent (about 20k/yr) and since we have 7 children, we haven't paid taxes and got a few thousand dollars child tax refund. The rent brings the total ...
- 39
2
votes
1
answer
947
views
How to resolve free file fillable forms error S8812-F1040-005?
Seems easy enough to ensure my qualified dependents match (are checked on form 1040) to what is inputted into line 4a on schedule 8812. Both match but I keep getting a rejected notice.
Issue : ...
- 21
1
vote
2
answers
131
views
How do non-refundable tax credits combine with fully refundable tax credits
I am considering purchasing a solar system for my house. I didn't do it last year, because I projected my income tax liability to be less than $1k after the child tax credit due to the fact that I ...
- 223
6
votes
2
answers
893
views
Does overpaying estimated taxes lead to loss of non-refundable tax credit?
Say:
My total fed tax liability is 60K.
I've made estimated payments of 65K. (keeping withholdings out of picture here for simplicity)
I'll expect a tax refund of 5K.
I also installed solar panels and ...
- 161
4
votes
1
answer
183
views
If I defer the 2021 child tax credit can I base it on my 2021 income?
The 2021 child tax credit includes payments that the IRS will send from July to December of 2021. The payment is based on the 2020 filing. However I get the impression that it is really based on the ...
- 1,296
1
vote
1
answer
908
views
Why don't students get the savers' credit?
I graduated last May. I then got a job. Although I contributed a qualifying amount to a retirement account, according to form 8880 I am not eligible for the saver's credit because I was a student.
I'...
- 365