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Hello and thank you for using Just Answer.The first time home buyer credit was ended for anyone that did not purchase in 2010.
In general, taxpayers must have closed on a principal residence before Oct. 1, 2010, to qualify for the credit. However, certain members of the military and other federal employees were granted additional time to buy a principal residence in the U.S.
Your alimony will be added to your other income. So if you are a 10% rate then the alimony will be taxed at that rate. If you have wages thenthe alimony will be added and all your regular deductions and exemptions will reduce the income.
I have no other income other than soc sec -- what will the rate be I have to pay on soc sec/and alimony? Heard on the radio last wk that the first time home buyers $8000 tax credit had been extended -- did I hear wrong? thanks.
my total annual income alimony/soc sec is 87,828.00 -- can you tell me what my tax rate w/be thank you.
I would need to know how much for each to really advise on the specific rate but you will most likely be in the 25% bracket with some of your SSA payment as taxable.
ALIMONY = 83,652.00 SOC SEC $348/MO = 4176./YR
Ok let me do some quick calculations
This is 17.47% of your total income of $87,828. Your total tax payments and refundable credits for the year were $0. Your outstanding tax bill is estimated at $15,345. Your income puts you in the 25.00% tax bracket.
This is using standard deduction and 1 personal exemption with the additional for being over 65
If you have any charitable contributions or other items to use on Schedule A it would behoove you to look at itemizing
so ---- no first time home buyers tax credit --- 2012 -- I will be able to claim interest, hopefully, on the mortgage for house I am buying in 9/2011. Thank you .
Yes and taxes too this will assist you in the offset for the alimony income
Can I help you with any more?
You can always come back even after you click ACCEPT. Thanks again
that's it -- thanks for your help.