Holy Cow! I just finished doing my taxes!

[SemiCharmedQuark]

I am getting a HUGE tax rebate this year because of the stimulus! The education credit really really really helped me out. Has anyone else done their taxes yet??

[goclark]

1. What a great Valentine's Day Present!

[SemiCharmedQuark]

2. Well, it's not *that* big of a rebate, but it's a lot to me-I was expecting very very little.

[goclark]

3. In this Economy ~ anything is BIG!

You deserve it ~ Happy Valentine's Day!

[euphoria12leo]

12. I agree

It is so nice to receive a refund big or small. :thumbsup:

[goclark]

16. I'm praying I can just break even

:shrug:

[euphoria12leo]

17. I don't know if anyone ever breaks even

Property tax and homeowners insurance increased. A refund means take that money and pay more tax.


:banghead:

[Cha]

4. I'm so happy for you..and I know anything more

than you were expecting is great! I had the same thing happen yesterday when I got my taxes done..Yippy Ki Yi YAY!

[FrenchieCat]

5. I prepare taxes for a living,

My problem though is that I prepare complicated taxes for those who run businesses,
and since business for most was down, it is hard for me to make a clear assessment,
on how this year's filing will affect most ordinary Americans.

So this is good to hear....

[sandnsea]

6. Making Work Pay covered the balance of SE Tax

Yes, I am a VERY happy camper. And if I can get a contract to buy the place I'm in, I can also get the $8,000 homeowner help. I can't see how anybody can complain after doing their taxes this year. My daughter is going to get help for college too.

[Cha]

7. Good!

Remember when the bushits send out notices in the mail to let everyone know they were getting a check in the mail and it cost $42 Million? And, then there was something about they had to pay taxes on that?

http://www.msnbc.msn.com/id/23525100/

[sandnsea]

8. That's what people think this is

They think the money they got in their check is just an advance and they'll have to pay it back when they do their taxes. Maybe some of these people will start to wake up when they get these refunds.

[Cha]

9. Here's hoping!

:fistbump:

[SeattleGirl]

10. Never mind. Found info on the ed credit.

:hi:

[sandnsea]

11. It covers anybody who went to school

I wish I could find the overview I looked at yesterday. It explained the difference between the three credits and how to take them. But this is the new Obama credit and it goes for books that you buy anywhere and other college expenses, things the other credits didn't cover. Be sure and take a few minutes to really understand them because I have seen conflicting opinions from professionals on other tax policy, and I bet there is on this too. Part of it is refundable as well.

http://www.investingblog.org/archives/451/education-looks-hot-with-2500-obama-tax-credit-refundable-american-opportunity-tax-credit/

More

http://www.collegeloanconsultant.com/college-tax-credit.html

[TicketyBoo]

15. We are going to take a serious hit

on our taxes this year, since our son has graduated college and we can no longer claim him on our return.

He has headed back to grad school, and I'm wondering if that new tax credit will do him any good or if he will have to turn to the Lifetime Learning Credit for help?

[namahage]

18. The new credit is only for the first four years of college,

so unfortunately the American Opportunity credit doesn't apply. The Lifetime Learning credit, while not as much and not refundable, is still worth taking assuming he meets the qualifications.

[TicketyBoo]

20. Drat.

I was afraid of that. Okay, thanks.

[Dappleganger]

21. Is there any way he could find employment

where they will pay his way through grad school? That's how my husband funded his master's in engineering management at VA TECH. His work paid for it all including books (although it did take him three years going part-time). Just a thought.

[TicketyBoo]

22. Well, he started

back this semester, so he/we are going to have to pay for this one semester (6 credit hours).

He graduated last May. He worked on a research program with one of his professors for six month until mid-November when they would have had to extend health care benefits to him. That's when they laid him off. Another professor told him he would have a part time (20-hour a week) position for him if he would enroll in grad school because they don't have to extend benefits to grad students, so that's what he did. So that's where he is right now. He is hoping to get a graduate assistant position or graduate teaching assistant position come this fall, and is fairly certain that will happen. If that happens, tuition will be free. Those positions only become available at the beginning of the academic year, so he is taking the light load right now in hopes of getting free tuition from here on out.

My niece's husband funded both his Master's and Ph.D. at Virginia Tech that way, too.

[Dappleganger]

23. Let's hope things go smoothly for him from here on out...

honestly, now's the best time to remain in school with the economy the way it is (my mantra to our kids, LOL).

[Number23]

13. SemiCharmed, you absolutely MUST explain your sig picture

After watching that flavorless, colorless, boring as a 3rd grade class film opening ceremony in Vancouver, I don't see how those folks could take over a 7-11 let alone the world!

[SemiCharmedQuark]

14. LOL, I missed the opening.

I don't watch much of the winter olympics. Give me the World Cup!

Anyway, it's Colbert's Olympic poster.

[GoCubsGo]

19. Yes. Enough to buy me another month of living

I didn't make much last year, so I'm getting almost everything back.