2009 Federal Income Taxes
Resources to help you prepare and file your 2009 federal income tax return. Find facts and figures to help you plan ahead for the 2009 tax year.
First-Time Homebuyer Tax Credit
There's a new, refundable tax credit of up to $7,500 for the purchasing a primary residence. The credit is available to first-time homebuyers who purchase a primary residence after April 9, 2008, and before July 1, 2009.
There's a new, refundable tax credit of up to $7,500 for the purchasing a primary residence. The credit is available to first-time homebuyers who purchase a primary residence after April 9, 2008, and before July 1, 2009.
Making Work Pay Tax Credit
The Making Work Pay tax credit is a new, temporary tax credit worth up to $400 for the years 2009 and 2010 only.
The Making Work Pay tax credit is a new, temporary tax credit worth up to $400 for the years 2009 and 2010 only.
Vehicle Sales Tax Deduction
A one-year-only deduction for 2009, individuals who purchase a new vehicle (including motor homes) can deduct sales tax or excise taxes, even if they don't itemize. The deduction is limited to the sales or excise tax applicable to the first $49,500 in the vehicles purchase price, and the deduction phases out at an adjusted gross income of $125,000 (or $250,000 for joint filers).
A one-year-only deduction for 2009, individuals who purchase a new vehicle (including motor homes) can deduct sales tax or excise taxes, even if they don't itemize. The deduction is limited to the sales or excise tax applicable to the first $49,500 in the vehicles purchase price, and the deduction phases out at an adjusted gross income of $125,000 (or $250,000 for joint filers).
Obama's Proposed Tax Changes
President Obama has put forward several tax proposals in his 2010 for Congress to consider. These proposals are explained in the Greenbook released by the Treasury Department's Office of Tax Policy on May 11, 2009. These proposals have not yet made it into law. If all of the Administration's proposals are enacted, they would generate an additional $61.7 billion in tax revenue for the federal government.
President Obama has put forward several tax proposals in his 2010 for Congress to consider. These proposals are explained in the Greenbook released by the Treasury Department's Office of Tax Policy on May 11, 2009. These proposals have not yet made it into law. If all of the Administration's proposals are enacted, they would generate an additional $61.7 billion in tax revenue for the federal government.
Congress Waives Required Mininimum Distributions for 2009
Retired individuals won't need to take a required minimum distribution from their IRA, 401(k), 403(b), or 457 plans for the year 2009. This waiver is part of the Worker, Retiree, and Employer Recovery Act.
Retired individuals won't need to take a required minimum distribution from their IRA, 401(k), 403(b), or 457 plans for the year 2009. This waiver is part of the Worker, Retiree, and Employer Recovery Act.
Home Sale Exclusion Modified Based on Qualifying Use
When homeowners sell their main home, they can exclude up to $500,000 in capital gains from income tax. The Housing Assistance Tax Act of 2008 changes the rules. The amount of profits from the sale of a house that can be excluded is now based on the percentage of time when the house was used as a primary residence.
When homeowners sell their main home, they can exclude up to $500,000 in capital gains from income tax. The Housing Assistance Tax Act of 2008 changes the rules. The amount of profits from the sale of a house that can be excluded is now based on the percentage of time when the house was used as a primary residence.
2009 Tax Rate Schedules
Marginal income tax rates for the 2009 tax year.
Marginal income tax rates for the 2009 tax year.
Quick Tax Facts for 2009
Overview of key tax figures for 2009. Updated amounts for the standard deduction, filing requirements, personal exemption, phaseout ranges for itemized deductions, and retirement plan contribution limits.
Overview of key tax figures for 2009. Updated amounts for the standard deduction, filing requirements, personal exemption, phaseout ranges for itemized deductions, and retirement plan contribution limits.