You probably know about the making work pay credit which can be up to $400 ($800 for married filing joint) as long as you worked either a W2 job or self-employed and made over $6451.61 last year. If you made less than this your credit would be:
amount you made x 6.2% = making work pay credit (limited to $400 for single, $800 for married filing joint)
Be aware, if you got the stimulus check of $250 AT ANY POINT during 2009 this must be told to your tax preparer or on turbo tax. I’m seeing many returns get rejected because of this problem. This delays your refund so make sure to note it.
Here’s the full story with more details.
Also, the 1st time homebuyers credit will take a longer time to get because those returns have to be mailed. No electronic returns possible on home buyer credit returns. Also you may qualify for the existing home buyer credit of $6500 but only if you purchased your new home after Nov 7, 2009. That’s a gotcha that’s catching many people.
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