Had a $12,000 federal tax refund today

[hillbillyhunter1]

New record for tax refund prepared in our office (previous was aroun 10K)

First customer this season that qualifed for the $7500.00 "first time home buyer credit". I kept thinking I'm the one that needs the credit, My 2 year old house is worth 75% of what it was.Oh well. Great news for new home buyers. It has to be repaid over 15 years but it's interest free. My feeling is that no one that qualifies will turn it down

Something else you codgers on here might think about, if you don't have enough deductions to itemize anymore, you can addsome(or all, depending) of you property tax to the Standard deduction this year, which may save you a couple of hundred bucks.

[Aught Six]

I blame Bush.

[Fieldmouse]

Another idiot loaning the government money interest free.[:@]

[hillbillyhunter1]

ORIGINAL: Fieldmouse

Another idiot loaning the government money interest free.[:@]

If you're referring to me, I just prepare taxes and insure that customers get the maximum refund (if possible)allowed, legally. I do not control the credits themselves. Like many of your posts, this one also doesn't make sense.

[Fieldmouse]

ORIGINAL: hillbillyhunter1

If you're referring to me, I just prepare taxes and insure that customers get the maximum refund (if possible)allowed, legally. I do not control the credits themselves. Like many of your posts, this one also doesn't make sense.

It had nothing to do with you hillbilly, this is great advertising for you. I'm refering to the person who just loaned the government their money at no interest. The icing on the cake is that they will celebrate their check the night they get it as if they just got something for free from their government.

[hillbillyhunter1]

ORIGINAL: Fieldmouse

It had nothing to do with you hillbilly, this is great advertising for you. I'm refering to the person who just loaned the government their money at no interest. The icing on the cake is that they will celebrate their check the night they get it as if they just got something for free from their government.

I understand and the person in this situation did have about $5000 withheld and a liability of only around $1000. He did have his baby and "baby's momma" living with him.He recieved an additional $300 in leftover stimulus from last year that he said he didn't get (was supposed to get 900 from this years calculation and only got 600 last...it can change of course and you get the maximum allowed either this year or last). In addition, as I said, he got $7500 refundable tax "credit"from the first time home buyers deal...that was a chunk!!!

your posts are making more sense now...my fault.

I was gonna say that the bank we use always charges interest on loans on refund amounts(actually, I try as hard as possible to steer people away from those deals)