ok, we just found out that the problem with our ac is that the unit is too small for the square footage of our house. We know there is a tax credit of upto 30% of the cost or $1,500.00. My question is this.........
we have a home we just bought so we'll be able to deduct our interest, we will probably not be able to deduct medical this year (thank goodness) and we have PJ so we will get the $1,000.00 child tax credit. So, say our figures are like this:
$33,000 income
$8,400 interest on the home
$0 medical
$8,000 work deductions
$1,000 child tax credit
$3,500 paid into federal taxes for the year
would we still qualify for the energy star tax crdit being as we will get back all of our tax money anyway?
the way i am reading the information from this page:
it sounds more like a tax rebate rather than a credit.
I would greatly appreciate any help you can give pretaining to this. thanks bunches, Jackie :)
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1|1|bumping for amy to see :)|pussecat|pu55ecat@aol.com|20:28:22|06/30/2009|
***** BOYCOTT COUPON CLIPPING SERVICES that don't want YOU trading *****
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2|1|OK--- Here ya go....|Abbicca|Abbicca@insightbb.com|22:25:37|06/30/2009|
On an AC unit the credit is NOT able to be carried forward. BUT---the child tax credit CAN be refunded on top of your withholding as can earned income credit.
BUT---be warned, not all "energy star" items qualify for the credit. The government is supposed to have published some hard and fast rules as to what qualifies--but at this moment, I cannot find them.... if whomever you buy the unit from says it qualifies...have them show you in writing WHY it qualifies according to government (aka not just them saying it does)
If this doesn't help---just let me know.
PS---cye. :) 3|2|thanks for the info and cye too :)|pussecat|pu55ecat@aol.com|07:22:06|07/01/2009|
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