mcb39

Thanks, jainen, for putting it all in a nutshell. Ultimately, it IS their call. I know that the purchase of a home should not rely on tax credits, and this one didn't because nobody even knew about it then. I would, however, feel terrible for all people who take the credit this year and have to pay it back, if a new bill goes through and purchases in 2009 would be exempt from payback. Of course, this is the age-old dilemma of having to draw the tax law line somewhere. Thanks again.

Thanks taxbilly; I agree that common sense has nothing to do with it. This whole thing makes me very uneasy. I have a young couple who are leaning toward taking the credit. Their 2 year old will be driving by the time they get in paid back according to the present law. However, $7500 is very tempting to a young couple in the present economy, who just bought a house in October. How are we supposed to know how to advise them? Prior to the publicity on the new bill, I would have STRONGLY advised against it. This is like rolling dice.

Does this mean that filers that opt for the "Loan" in 2008 will also be forgiven the payback if they don't sell the house for three years? This is very critical as to how we advise our clients, pro or con. They are starting to ask about the $7500 credit.

Just received my first ever 1099 ACK. That doesn't mean I never filed any before, I just never got an ACK.....IMO, the program is overall working very well for this early. I have really had no problems that I couldn't deal with, thanks to the help from all of you. B)

Happy belated Birthday Catherine! Happy real Birthday Kyle! Mine is in June so not too many are on the board. But that's OK because I would just as soon stop keeping track. Happy Birthday to everybody that I missed. :bday:

Except for tourism, which is dramatically down, things are pretty bleak in WI too. :dunno:

I already had chips and a can of beer, cuz I know he's going to make it.

I know about 6th street; my son went there the night before his brother's wedding in Kyle, Tx at the home of very good friends of ours. We love Tx Hill Country but have not been there for a while. Some of our best friends are there. Even though we live in WI, our son chose to be married in Kyle on the banks of the Blanco. And, yes, San Antonio is very nice too. San Marcos is where George Strait got his start. And don't forget Willie's ranch in Dripping Springs and the impressive Johnson Ranch.

Wausau, Wisconsin; Marathon County 1) Wausau Insurance, the Company that announced its demise last week 2) Paper Mills and Lumber Barons 3) Cheese and Cheese Curds 4) County Seat 5) About 100 miles South of God's Country

So how is that going to make the people feel who opted for the loan in 2008 and have to pay it back because they bought their home 6 months too early.? I, personally, am not encouraging anyone to take advantage of this $7500 interest-free loan. I think it will only cause more problems because so many will use it for unnecessary things. IMO

Good Luck!! Wisconsin hasn't exactly been Wonderworld lately. But this bad weather kind of makes it easier to be stuck inside doing taxes...... :(

I have been transmitting several times this evening. Perhaps you are just hitting peak times when several people are trying to transmit. Try again.

Yes, if she lives with them and is there dependent. And, of course, all other EIC guidelines must be met as to income,etc.

I also have it in my favorites so that I can check on some clients before they come for their appointments. So far, one person has brought in the breakdown from the IrS. I checked it anyway. She got $54 more. Isn't tax season fun?

None here.....same as last year. Makes one wonder where they go.........or if they go anywhere.

Strange....no debt codes even when you expect one. Empty column here.

Thanks KC.......that makes sense. I always knew I had to export, import to move the files, but never did understand the difference, either. I export all files as I work on them to zip disk. I export them to a flash drive in order to work on the laptop if I am going to be out of the office.; then restore them to the desktop in order to e-file. Is it not correct that all returns should be e-filed from the same computer?

I use Iomega Rev with Ghost for full backups. Also export each file as I work on it to Iomega Zip disks. Do daily incremental backups to Iomega Backup Pro on Rev Drive. Pricey, but has worked well for years and I can keep the two alternating disks in the safe for both desktop and laptop.

A little withdrawal, but I ran a virus scan to kill time as I never really worry about it being out for long. Thanks Eric.

Received my first one this afternoon. Still waiting for WD.....Good Luck Teri

This is pretty awesome when one thinks about all of the years that WI forms were not even ready for filing until mid to late Feb.......and beyond. I remember one year that I did all my early e-files on ATX and did WI e-files on FreeFile on the WI web page. We've come a long way........Thanks ATX. :rolleyes:

Yes, do the worksheet, they will get the credit for the other child even though someone else got the credit for that child based on the 2007 returns.

Oh Sue....too funny....I just came home from a SHORT shopping outing with my husband. Glad to be home is all I can say so you can add that to the list. :angry:

Jainen...I wasn't saying that THIS couple wasn't trying hard enough. Being in a SE environment for 35 years; we would have considered many of those as excellent years if we had made close to $16000. Somehow you misread or I mis-wrote the intent of my post. I am in 100% agreement with you on this subject. :blink:

Sometimes they think they know the law better than we do and sometimes they get surprised. Had a client drop off his info yesterday. This year he has almost the same amount of income as last year; right at $16,000. The big difference is that this year nearly 2/3 of his income is Unemployment. Last year he received $4593 EIC for 3 children. This year he will be shocked to find that it will drop to $2030 because Unemployment is NOT considered earned income. Nor will he get the $1200 stimulus check that he got last year. On the other hand, the mother of the children worked this year so she can file and receive $600 in stimulus; which they did not know. So, some people are trying.......just seems at times like they aren't trying hard enough. But, I feel that as long as we really practice Due Diligence, it is not up to us to decide who is honest and who isn't. If in doubt, we certainly have the option to send them elsewhere.