Is the new stimulus bill retroactive?

[IAmTheNight]

I ask because there's an improved Hope for Lifetime Learning Credit (I forgot the new name) that I want to claim, and I already filed my tax return for 2008. I don't know if the IRS will "upgrade" the credit into the new and improved version for my tax return.

[owequitit]

My understanding is that nothing is retroactive. Even the "tax breaks" will be doled out over the course of this year.

[8ball]

I dont know how this will benefit me in any way i really dont day to day i just drive to the market and back home to and from work and for errands how is this going to help me ? Is it only for like first time home owners or car owners?

[bcjammerx]

I put that credit on my taxes last year and it screwed me out of 300 on my return and 300 on my stimulus check. I'm gonna try and see if I can't undo that with this years taxes...

[Pandemic]

Are we getting any stimulus checks this year? (hope so ) I want to buy some things

[owequitit]

Are we getting any stimulus checks this year? (hope so ) I want to buy some things

No.

You are getting it in the form of tax cuts, which means for the average single person, you will have $400 less taken out of your taxes. That amounts to something like $17 a paycheck for the rest of the year.

[williamsvt]

No.

You are getting it in the form of tax cuts, which means for the average single person, you will have $400 less taken out of your taxes. That amounts to something like $17 a paycheck for the rest of the year.

The tax cuts are pretty spectacular this year as well.

Def. the year to buy a house or car if one can afford too.

[owequitit]

Yes, there is an $8,000 first time homebuyer tax credit, there is, I think, a $2,000-3,000 credit if you buy a new car by the end of the year, and then there is a program to entice people to upgrade to energy efficient appliances and home insulation etc. I believe they will cover 30% of that cost up to $1500. They also increased the tax credit for parents helping their kids through college, as well as increasing the limit of the Pell Grants.

[IAmTheNight]

Upon further reading, I see that I will not be able to claim the new credit until I file for 2009. It only affects tuition paid in 2009.

[williamsvt]

Yes, there is an $8,000 first time homebuyer tax credit, there is, I think, a $2,000-3,000 credit if you buy a new car by the end of the year, and then there is a program to entice people to upgrade to energy efficient appliances and home insulation etc. I believe they will cover 30% of that cost up to $1500. They also increased the tax credit for parents helping their kids through college, as well as increasing the limit of the Pell Grants.

I was reading earlier today that there also introducing credits towards individuals who trade in a car. *(the trade in would have to get less then 18 miles per gallon and would have to be junked after it is traded in). This would create less used inefficient cars on the market. The vin would have to be tracked in the future however to make sure that the vehicle was junked and never to be used again.

[owequitit]

I was reading earlier today that there also introducing credits towards individuals who trade in a car. *(the trade in would have to get less then 18 miles per gallon and would have to be junked after it is traded in). This would create less used inefficient cars on the market. The vin would have to be tracked in the future however to make sure that the vehicle was junked and never to be used again.

I didn't see that detail in there. Frankly, I am not a huge proponent of this "stimulous." I think for the amount we just swallowed it does a whole lot of immediate agenda pushing, and not much stimulating. The markets and economic experts, including Alan Greenspan seem to agree with me. He had some very delicately placed comments about it, as he ALWAYS talks in that evasive, non-direct tone. LOL! He didn't say it was bad, he simply made some comments about it and the situation in general that don't paint it as the save all Obama wants it to be. Time will tell I guess.