California tax credit??

[paranoid]

” I like the Feds they just hand the $8000 back to you, California makes it sound good, but it is ONLY a credit, if you don’t owe the state above $3300 you only get a credit for what you owe. Meaning my understanding if I owe $300 I do NOT get a rebate of $3000. I only get a credit towards the $300. ”

Is this true that we must reduce our withholding in order to owe the government more than $10000/3, so that we can get the credit? That would be really unfair for people who withholding less such that they effectively lend the government some money for free, and now they don’t get the credit because of their well-doing?

[sdrealtor]

My understanding standing has always been that a credit is refunded back to you whether you owe taxes or not.

The Guv just signed it into law today.

[sdrealtor]

My understanding standing has always been that a credit is refunded back to you whether you owe taxes or not.

The Guv just signed it into law today.

[sdrealtor]

My understanding standing has always been that a credit is refunded back to you whether you owe taxes or not.

The Guv just signed it into law today.

[sdrealtor]

My understanding standing has always been that a credit is refunded back to you whether you owe taxes or not.

The Guv just signed it into law today.

[sdrealtor]

My understanding standing has always been that a credit is refunded back to you whether you owe taxes or not.

The Guv just signed it into law today.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[garysears]

If anyone is interested in the 2009 rules, here is the link to the Franchise Tax Board publication:

http://www.ftb.ca.gov/forms/2009/09_3528.pdf

It was a nonrefundable tax credit. To claim it, you would use Form 540 and enter the credit code 219 on line 43 under the section titled Special Credits.

Using the Form 540, you figure your taxable income. Then you figure your tax and subtract allowable exemptions. The next section, Special Credits, is where the homebuyer credit goes. You subtract the sum of all the Special Credits claimed from the total tax calculated. If this results in a negative number (i.e. a credit) you put 0. This means you are only credited up to a max of the amount owed and any excess is not refunded.

[jpinpb]

Thanks, gary.

[jpinpb]

Thanks, gary.

[jpinpb]

Thanks, gary.

[jpinpb]

Thanks, gary.

[Author]

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