Don't thank the IRS for giving you extra , thank the taxpayers they stole it from .
Making work pay government pay off
My tax refund came back a few weeks ago, then just got a letter from the IRS. They gave me an extra amount (I didn't realize the refund was more than on the 1040 I did) for Schedule M 'making work pay'. So hope you all did that as well, and thanks IRS for giving me extra- think they want (or Obama?) wants everyone to like them a little more than usual.
Oh, and how did I make work pay? By quitting a job last year so our income was low enough to qualify for it! Might be time for me to buy tax software since I missed that one!
Oh, and how did I make work pay? By quitting a job last year so our income was low enough to qualify for it! Might be time for me to buy tax software since I missed that one!
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I much prefer that people who work get a break in the taxes they have to pay rather than send more money to investment banks so the rich get richer. Isn't that what most people want-less taxes?
What is the income break point for this credit?
There is a line for it on the 1040 and I think on the 1040A also. There is also a worksheet in the instruction book to see if you get it. I filed yesterday and I'm sorry to say my work didn't pay.What is the income break point for this credit?
We didn't file for it but we got it. I still don't know why.
Because IRS did not have time to get it together, they have been instructed by their agency head to create a Schedule M for those who did not do it but it is clear from the return they would qualify.We didn't file for it but we got it. I still don't know why.
When I called to find out why mine was denied, I spent two and a hlf hours on the phone with 5 of the 6 people saying I did qualify and one who would not committ. I'm resubmitting paper work. I think it's luck of the draw whether an employee wants to take the time to help you out or not.
Adjusted gross income of $190,000 for married filing jointly ($95,000 single), but it is reduced if your AGI is above $150,000 ($75,000).What is the income break point for this credit?
The thing you don't understand is not only will you have to pay that $450 back next year but we will have to pay the interest on it also. So they can keep sending out checks and credits but it's just costing us more.
If we weren't running at a deficit I would be a happy camper but all that has been going on the our credit card to be paid back later WITH interest.
Also most people had their withholdings reduced by $13/week when this bill was passed
If we weren't running at a deficit I would be a happy camper but all that has been going on the our credit card to be paid back later WITH interest.
Also most people had their withholdings reduced by $13/week when this bill was passed
Do you have a link for that? I didn't notice it in the tax form.The thing you don't understand is not only will you have to pay that $450 back next year but we will have to pay the interest on it also. So they can keep sending out checks and credits but it's just costing us more.
If we weren't running at a deficit I would be a happy camper but all that has been going on the our credit card to be paid back later WITH interest.
Also most people had their withholdings reduced by $13/week when this bill was passed
Well of course its not in the tax form they don't want to face the reality that this isn't free money, I kind of misspoke also. We may not have to pay it back next year but we will have to sometime. The U.S. government pays China and Japan interest on our debt and we don't have an unlimited credit card. We just don't know when they will cut us off but I think it will be soon. China has already tried to cut us off in 2008 http://www.reuters.com/article/idUSPEK16693720080925, luckily Bush talked them out of it, when will it be too much for them?Do you have a link for that? I didn't notice it in the tax form.
go to www.irs.gov and do schedule M or 1040M
I had posted about this on another thread; "for working and retired filers", Line 63, Schedule M, in the 1040 tax book. I'd heard on NPR that it was new, and that many tax prepares were unaware of it. Many filers could do an amended form (after the 15th as it has already past) and be eligible for $400/per adult in the household. For some, it will bring their AGI down enough that they may also file (amended return) for the EIC. ldc
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