Ok, got a few quick questions on what I can claim as deductions on my tax return. I just bought an old house recently and I amended for the First Time Home-buyers tax credit. I bought some energy star appliances, but i noticed that they aren’t considering any energy star kitchen appliances in the Home Energy Efficient tax credit. I was wondering If I am missing something? Also Im trying to understand this “Making Work Pay Tax Credit” from what I understand if you make less than $75K single and $150K married you receive up to $400? . Will this be automatically put in the return? I’m also curious about filing gas expense to work…is there any way to claim this even though I haven’t kept the receipts from gas purchases?Also I was wondering about a tax credit that encouraged investment into a retirment savings account. I plan on using the free version of tubo tax is this a good choice with all the deductions I will be trying for?
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Since you are planning on itemizing with a 1040, I have a couple of questions for you. Did you have a w2,1099-MISC, or are you self employed? If you have a 1099-MISC or are self employed, you will not qualify for any of the free file software. That being said, there is a form that must be filed in order to get the Making Work Pay Credit (Up to 400 for a single person and up to 800 for married filing jointly). This will be included in the software you use. Gas used during work is tax deductible, however gas to and from work is not. You can claim a standard per mile deduction if you use your vehicle throughout the work day. The instructions will be included with the software you use as well. There is a deduction for investing in an IRA this year (up to 4000 investment) for a single person. And last, but not least, In order to be included on the Home Energy Efficient tax credit, it must be an improvement to your home, not just energy efficient items. There are however credits you can receive from your utility company for the appliances in many areas. I hope this helped! Have a great day!
The appliances won’t qualify for a credit. The making work pay credit will reduce your tax by up to $400 if you qualify for it, but you probably already got the money due to decreased withholding since last spring. It isn’t applied to your return automatically, you have to fill out schedule M. Expenses for getting to work and back are called commuting expenses and are never deductible, so having receipts wouldn’t mean anything. The retirement tax credit has income limits.
The free verson of TT would do the making work pay credit. Don’t know about the retirement credit. Those are the only two you mention.
thanks for the new post. That was super refreshing.