I’m looking at replacement windows, and trying to determine if I should buy before the end of 2010 because of the energy star tax credit. I don’t know if this just means that the dollar amount comes off my adjusted gross income, or if means I will receive up to a $1500.00 check.
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No it does not come off of your adjusted gross income. A tax credit is subtracted from the amount that you owe in taxes.
A tax credit is money that is taken off of the taxes, after you’ve calculated how much taxes you would owe for the year.
So, let’s say you had a $500 tax credit for the year, and had a total tax of $4,500, but $3,500 was taken out of your paycheck during the year.
$4,250 – $3,500 = $750 taxes you still owe.
$750 – $500 = $250 (subtract the amount of the tax credit from your total tax owed
Therefore, you’d owe $250 to the IRS.
Something else you might like to know is that you have to spend $5,000 (or more) to get the full tax credit. The reason is because it is a 30% of the amount you spent on the necessary replacement windows, etc.