- Must have owned your prior home for 5 years (Be ready to prove it)
- Must buy a new home and live there as a personal residence for 3 years. (Sell it too soon and you will be refunding the money)
- The credit is for 10% of the purchase price of the home, for a maximum of $6,500 (married filing joint).
- The credit is for those with an adjusted gross income below $250,000 if married/125,000 if single.
- The credit is reported on form 5405
Below are the details on the $6,500 homebuyer credit for existing homeowners.
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The IRS has published the following general schedule so that you can know when to expect a refund payment. Payments are made on Fridays, and it is generally the second friday after your return is received. Note that these are just general guidelines and they do not guarantee your payment by any date. Also note that paper checks are processed later and then you have the mail lag as well.
The state of NC does not provide any schedule like this, and with the budget problems we faced last year I wouldn't expect a refund by them to be processed too quickly.
Complete Chart
If there is a problem or delay, you can check on your refund at this website or call 1-800-829-1954 or 1-800-829-4477.
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The state of NC does not provide any schedule like this, and with the budget problems we faced last year I wouldn't expect a refund by them to be processed too quickly.
| Transmitted & Accepted (by 11:00 am) between... | Direct Deposit Sent | Paper Check Mailed |
|---|---|---|
| Jan 15 and Jan 21, 2010 | Jan 29, 2010 | Feb 5, 2010 |
| Jan 21 and Jan 28, 2010 | Feb 5, 2010 | Feb 12, 2010 |
| Jan 28 and Feb 4, 2010 | Feb 12, 2010 | Feb 19, 2010 |
| Feb 4 and Feb 11, 2010 | Feb 19, 2010 | Feb 26, 2010 |
| Feb 11 and Feb 18, 2010 | Feb 26, 2010 | Mar 5, 2010 |
| Feb 18 and Feb 25, 2010 | Mar 5, 2010 | Mar 12, 2010 |
| Feb 25 and Mar 4, 2010 | Mar 12, 2010 | Mar 19, 2010 |
| Mar 4 and Mar 11, 2010 | Mar 19, 2010 | Mar 26, 2010 |
| Mar 11 and Mar 18, 2010 | Mar 26, 2010 | Apr 2, 2010 |
| Mar 18 and Mar 25, 2010 | Apr 2, 2010 | Apr 9, 2010 |
| Mar 25 and Apr 1, 2010 | Apr 9, 2010 | Apr 16, 2010 |
| Apr 1 and Apr 8, 2010 | Apr 16, 2010 | Apr 23, 2010 |
| Apr 8 and Apr 15, 2010 | Apr 23, 2010 | Apr 30, 2010 |
Complete Chart
If there is a problem or delay, you can check on your refund at this website or call 1-800-829-1954 or 1-800-829-4477.
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The NC Department of Revenue has released a new withholding requirement for companies that use contractors that have an individual tax ID number (rather than a social security number) who earn more than $1,500. Contractors with ITIN's must have 4% of their pay withheld and then reported on their 1099 as NC withholding. For more information, see their website here.
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Congress is looking to pass a bill that will allow a deduction of a 2010 charity donation on your 2009 tax return. The contribution has to go towards the Haiti relief efforts. You can't take the deduction in both years, but it gives you the option of taking the deduction in the year that benefits you the most. For more info, you can visit this site.
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The IRS gives you the option to take your refund as an I bond this year if you feel inclined. You just need to tell your tax preparer or use form 8888 to request that all or part of your refund be issued as savings bonds rather than a direct deposit to your account or check sent to you. While I have nothing against I bonds, cash is king in my book, especially in an economy where cash flow is so tight.
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For ministers who are considering opting out of the social security system, here are some timing guidelines that you need to consider.
Article
Article
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Here is a good article on the rules waiters and other tipped employees face on their income.
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