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Question

I am look at getting tax credits for 2009. My question is will this affect my normal refund?

Submitted: 16 days and 17 hours ago.

Category: Tax

Value: $15

Status: CLOSED

State/Country relating to question: Oklahoma

Already Tried:
I looking at getting a low speed vehicle, which has tax credits both federal and state. We also purchased a new car this year. Will the credit received for these purchases affect my normal rebate or will they be on top of it?

Posted by RD 16 days and 17 hours ago.

Info Request

Do you have any tax liability or your tax liability is zero?

16 days and 16 hours ago.

Reply

I have liability to cover the federal credit. The state liability is going to be close to get the full credit(but it can be spread over three years). I need to know if the credit is just like paying more on top of what I've already paid. Does it effect the normal rebate that I get?

Accepted Answer

In that case the credit will reduce your tax liability and increase the tax refund for both- Federal & State.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

Accepts:
Expert:	RD
Pos. Feedback:	99.4 %
Answered:	11/5/2009

Certified Public Accountant (CPA)

CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..

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Question

I am look at getting tax credits for 2009. My question is will this affect my normal refund?

Optional Information

State/Country relating to question: Oklahoma

Already Tried:
I looking at getting a low speed vehicle, which has tax credits both federal and state. We also purchased a new car this year. Will the credit received for these purchases affect my normal rebate or will they be on top of it?

Info Request

Do you have any tax liability or your tax liability is zero?

Reply

I have liability to cover the federal credit. The state liability is going to be close to get the full credit(but it can be spread over three years). I need to know if the credit is just like paying more on top of what I've already paid. Does it effect the normal rebate that I get?

Accepted Answer

Tax

Have your own Tax question?

Related Tax Topics:

Question

I am look at getting tax credits for 2009. My question is will this affect my normal refund?

Optional Information

State/Country relating to question: Oklahoma Already Tried: I looking at getting a low speed vehicle, which has tax credits both federal and state. We also purchased a new car this year. Will the credit received for these purchases affect my normal rebate or will they be on top of it?

Info Request

Do you have any tax liability or your tax liability is zero?

Reply

I have liability to cover the federal credit. The state liability is going to be close to get the full credit(but it can be spread over three years). I need to know if the credit is just like paying more on top of what I've already paid. Does it effect the normal rebate that I get?

Accepted Answer

Related Tax Questions

State/Country relating to question: Oklahoma

Already Tried:
I looking at getting a low speed vehicle, which has tax credits both federal and state. We also purchased a new car this year. Will the credit received for these purchases affect my normal rebate or will they be on top of it?