1040EZ

[prog]

Can I get a witness on my interpretation of the 1040EZ? If this line I ignored before means what I think it does, then I get a credit that snugly covers what I'd otherwise owe.



Line 7 refers to a Rate Reduction Credit, and points you to page 14 of the 1040EZ instruction booklet.

That page houses a little worksheet, which, if I'm reading it correctly, means that you can claim a $300 tax credit if you're single, and have dealt with no advance tax payments. (Whatever that is? I'm guessing I have not.)

This seems too easy, especially considering that I'd owe just under $300 if I overlooked all this. Am I correct here?

Hmm... dawn breaks on Marblehead... is this related to the whole GWB tax-refund hubbub from last year?

Comments

[treacle-well.livejournal.com]

Hmmm. Seeing as I did my taxes via Turbo Tax I don't have a copy of the actual IRS instruction booklet, and don't remember that any of the questions I answered pertained to that (unless this has to do with the $300 rebate most people received last September).

Anyway, my printed 1040 form does show a line for Rate Reduction credit, but doesn't actually give me one, so I've no clue at all what would qualify one for it.

[leahleaf.livejournal.com]

yes, this is related to the refund thing. If you received a $300 refund already, you don't get to claim it. if you didn't, you can.

[surrealestate.livejournal.com]

Yes, this is it, though it was a tax credit, not a tax refund. For example, I did not receive mine because although I paid, I did not file my 2000 taxes, so I was able to take the $300 credit on my 2001 return. David, who did receive the credit, was not able to take it again.

[prog.livejournal.com]

Yeah, as soon as I made the connection, I knew it was right. I didn't file 2000 taxes, either, so I went ahead with it.

Both my tax forms are now ready to go, and between the two surprises of this and the state's rent-based deduction, my debt has turned into a small refund. Sweet.

Thanks, everyone. :)