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1:01	Boston.com Chat Producer - Hi chatters .. welcome to the IRS tax chat with Peggy Riley. Peggy will be with us in a few minutes.

1:11	[Comment From speccr] if i bought a new car on presidents' day, am i out of luck on the tax credit for next year?

1:12	Peggy Riley - The tax credit for new cars is available for vehicles purchased on or after Feb 17, 2009.

1:13	[Comment From Jill] Hello, Sorry if I'm jumping in too early...

1:13	[Comment From Jill] I had a question about the updated first-time home buyer credit. I am eligible, and submitted a 1040x to gain the $7,500 credit, though now see there is an $8,000 credit recently made available. Should I file another 1040x to request the new credit instead of the old? Thank you.

1:13

Peggy Riley - Jill - if you filed a return and already filed an amended return, you should wait to receive any refund that you may be due before filing another return. If you owed money, you can amend right away. The $7,500 credit is a loan which needs to be repaid over the next 15 years, but the new $8,000 credit does not have to be repaid.

1:15	[Comment From Richard Collier] My son made 1200.00 working for the college he attends. No federal tax was withheld.

1:15	[Comment From Richard Collier] does he have to file a federal return?

1:16	Peggy Riley - Richard - he is not required to file a return, but he may want to if he had state taxes withheld.

1:18	[Comment From Jerry Rosman] My accountant just finished my '08 taxes. I owe in the Federal in the mid 5 figures because I had to liquidate my IRA acct. I did have a large amount taken out for Federal & State. I do not have the money to pay them. What should I do?

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