sjfotos wrote:I sat down and talked with my accountant today. He was quite aware of the program and had filed returns this past year for the $7,500 credit. He is going to do some research on 2010 and get back to me. He was unsure if the $7,500 tax credit was 'refundable' or not. "Refundable" would meant that you would get money back in a refund, even if you did not have sufficient taxes paid to apply the $7,500 against the tax liability. He thought it was not refundable, but he also observed that there is an increasing number of these programs in recent years that are. I am sure I will hear back shortly and will post here when I do.
It's not only unrefundable, but you can't carry over the unused portion to the next tax year either.sjfotos wrote:I sat down and talked with my accountant today. He was quite aware of the program and had filed returns this past year for the $7,500 credit. He is going to do some research on 2010 and get back to me. He was unsure if the $7,500 tax credit was 'refundable' or not. "Refundable" would meant that you would get money back in a refund, even if you did not have sufficient taxes paid to apply the $7,500 against the tax liability. He thought it was not refundable, but he also observed that there is an increasing number of these programs in recent years that are. I am sure I will hear back shortly and will post here when I do.
leaffan wrote:It's not only unrefundable, but you can't carry over the unused portion to the next tax year either.sjfotos wrote:I sat down and talked with my accountant today. He was quite aware of the program and had filed returns this past year for the $7,500 credit. He is going to do some research on 2010 and get back to me. He was unsure if the $7,500 tax credit was 'refundable' or not. "Refundable" would meant that you would get money back in a refund, even if you did not have sufficient taxes paid to apply the $7,500 against the tax liability. He thought it was not refundable, but he also observed that there is an increasing number of these programs in recent years that are. I am sure I will hear back shortly and will post here when I do.
leaffan wrote:It's not only unrefundable, but you can't carry over the unused portion to the next tax year either.sjfotos wrote:I sat down and talked with my accountant today. He was quite aware of the program and had filed returns this past year for the $7,500 credit. He is going to do some research on 2010 and get back to me. He was unsure if the $7,500 tax credit was 'refundable' or not. "Refundable" would meant that you would get money back in a refund, even if you did not have sufficient taxes paid to apply the $7,500 against the tax liability. He thought it was not refundable, but he also observed that there is an increasing number of these programs in recent years that are. I am sure I will hear back shortly and will post here when I do.
sjfotos wrote:leaffan wrote:It's not only unrefundable, but you can't carry over the unused portion to the next tax year either.sjfotos wrote:I sat down and talked with my accountant today. He was quite aware of the program and had filed returns this past year for the $7,500 credit. He is going to do some research on 2010 and get back to me. He was unsure if the $7,500 tax credit was 'refundable' or not. "Refundable" would meant that you would get money back in a refund, even if you did not have sufficient taxes paid to apply the $7,500 against the tax liability. He thought it was not refundable, but he also observed that there is an increasing number of these programs in recent years that are. I am sure I will hear back shortly and will post here when I do.
Yes, that is what I am assuming, but I went to get it confirmed. I believe you are correct.