|
|
|
|
|
|
|
more than four years to finish college? "If you're in your fifth year, you're out of luck," Luscombe said.
However, there is another credit — the lifetime learning credit — that may be available for students in their fifth or sixth year of college, or in graduate school.
Other changes include the reinstatement of the credit for making your home more energy efficient. The maximum credit has increased, to $1,500 for $5,000 in expenditures on things like insulation, storm windows or an energy efficient furnace.
For people who lost jobs, the first $2,400 in unemployment benefits is not taxable.
To benefit from most of the tax breaks, you would have had to take action before the end of 2009. But there are a couple of exceptions.
You still might be able to claim the homebuyer credit if you have a signed contract by April 30.
And, if at the end of the day you find you owe the IRS money or want a bigger refund, you may be able to contribute to an individual retirement account until April 15 and take a deduction on your 2009 taxes.
If you're covered by a plan at work, you may be able to deduct a contribution of $5,000 — $6,000 if you're at least 50 — if your modified adjusted gross income is less than $65,000 if you're filing as an individual, or $109,000 if you're married filing jointly.
...
|
rss
