How to File Taxes for a Stimulus
- 1). Check to see if you qualify for a tax credit based on your home ownership status. The American Recovery and Reinvestment Act contains a provision known as the Homebuyers New House Tax Credit. This tax credit initially applied to individuals who purchased a new home prior to November 30th 2009. However, as part of an extension of the benefit until April 30, 2010, the credit was enhanced to include long-term resident home owners (home owners who have lived in their current residence for five of the last eight years) who purchase a new home prior to that date. Pursuant to some restrictions, first-time home buyers are eligible for a credit of $8,000 and other home buyers can claim a credit of $6,5000.
- 2). Determine if you qualify for a tax credit for investing in residential renewable energy systems. The stimulus provides up to a 30 percent credit for investments in certain energy-friendly devices such as solar energy systems, geothermal heat pumps, small wind turbines and fuel cell systems. Detailed information is available online at the U.S. Department of Energy's website, apps1.eere.energy.gov.
- 3). Check to see if you can claim a tax credit based on your purchase of a qualifying vehicle. Businesses and individuals buying electric low-speed vehicles, motorcycles, and three-wheeled vehicles can claim a 10 percent tax credit with a cap of $2,500. Owners of vehicles converted into plug-in electric vehicles can claim a 10 percent tax credit with a cap of $4,000.
- 4). Decide if you qualify for a credit based on the purchase of home improvement items which enhance energy efficiency. The purchase of energy-friendly doors and windows may allow you to become eligible for a credit.