When did you guys get the federal credit after filing your returns?

Didn’t see a cent of my $7500. My disability retirement income is not taxed and my wife’s business income is taxed differently so we couldn’t apply the credit to it, either :(. Thankfully, we live in Colorado and will see a $4500 refund thanks to the State credit.


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Thomas Mitchell said:
Didn’t see a cent of my $7500. My disability retirement income is not taxed and my wife’s business income is taxed differently so we couldn’t apply the credit to it, either :(. Thankfully, we live in Colorado and will see a $4500 refund thanks to the State credit.


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No IRAs you could convert to Roth IRAs?
 
My wife and I did take full advantage of the 7500 credit, weighted down mainly due to loss of so called SALT write off in the new tax rules.
i.e. for those who don't know, Oregon has substantial state income tax and property tax which we used to be able to write off entirely on federal taxes and now is 10K max. Property taxes alone can be 5K-10K. i.e. A 900 sq ft house here in Eugene near the college is $4700 per year. Anyway it all gets personal fast with tax credit. I did get my refund within 3 weeks of filing, just not the amount I had thought I would get. i.e. I didn't track the tax changes this year and how they effect me hardly at all. But glad I had the tax credit for sure.
 
MPower said:
Depreciating instead of expensing investment in your wife's busines?
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Appreciate the ideas, but our accountant has worked it all over and...zip. To be honest, having a minimal tax burden is not really a bad thing but it’s too bad the credit is not refundable!


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