Shocked at how low the Prius Plugin resale value is, watch out!

So if you want to generate some excess income, withdrawing from an IRA seems like a good choice?

 

True! That works.

 

Your withholding is only relevant to how much you pay/get back at tax filing time. The federal rebate is a credit against the tax owed per the tax table, but it cannot exceed that amount. So if you you owe $3500 in taxes, subtract the $2500 credit, you owe $1000 in taxes. Subtract what you have already paid with your withholding, and the balance is -$2000, which means a refund to you.

 

What I was thinking and hoping. So in reality almost all wage earners making 50K+ will get the whole $2500 back unless they have a boatload of schedule A itemized deductions or some off setting business losses.

 

Looks like in WV you can carry-over tax credit balance for multiple years if you WV tax liability is less than 7500.00.

Just not sure if that applies for out of state residents.

Alan...
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you get the $2000 back and don't owe the last $500.

 

The credit is against WV taxes. As a Texas resident, you probably don't have any WV taxes to claim a credit against.

 

Thanks... That makes sense.

Alan...
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yep, exactly

 

And as a Texas resident, you don't have any Texas taxes to claim a credit against. (Texas has no state income tax.)

 

I don't think I have ever lived in a state with the state income tax so it is foreign to me, no wonder so many people want to sit home and do nothing and let the wage earners earn their way.

Everyone has their hand out to the guy that tries to make a living

Almost like a punishment to go to work.

Alan...
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