Re: Pa 116 benefits

Posted by K Effective on February 08, 2017 at 15:09:57 from (162.235.236.141):

In Reply to: Pa 116 benefits posted by 1130Leo on February 08, 2017 at 08:44:21:

We entered into PA116 with our homestead, and got tax money back the first two years. After that, our two-off-farm-income family made enough that the taxes we paid were less than the 3.5% of our adjusted gross. The worst part was that the tax program I used on the computer did not include the PA116 forms, so I had to either file paper returns or take my completed computer return to a tax preparer to e-file for me, since their program has the forms. On top of that, I was getting no benefit from the program.

I let it expire after ten years, and got a bill for part of the money we had received. I thought you only had to pay it back if you broke the contract, not letting it expire and not renewing. It was small enough, I just paid it and was glad to be done with it. More hassle than what is was worth.

YMMV

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