EmergDoc wrote:I had mistakenly assumed any credit called "making work pay" must be aimed at trying to get people off welfare and into the work force.
While either of those procedures takes only a few minutes, I.R.S. officials said that the unfamiliarity with the process of claiming the credit had led to errors in more than four million of the 82 million returns processed as of this week.
It is often said that the new health care law will affect almost every American in some way. And, perhaps fittingly if unintentionally, no one may be more affected than members of Congress themselves.
“It is unclear whether members of Congress and Congressional staff who are currently participating in F.E.H.B.P. may be able to retain this coverage,” the research service said in an 8,100-word memorandum.
A married couple would get up to $550 addt'l, depending on earned income.bettykayWAAZ wrote:If you receive social security, you got $250 in the spring. It was sent to the same bank account that your social security is sent to. You must fill out schedule M and say that you got it or your taxes will be rejected. If you or your spouse worked then you will get $150 more. If there were no wages, then $250 is it.
Yes, pay attention to schedule M.
nisiprius wrote:Yikes! Thanks to the original poster and to this forum. I missed it.
Maybe I'm an idiot not to use a tax prep service after all. Or maybe I should have gone through that endless maddening "interview" in the H&R Block software instead of going straight to the forms as I always have.
Already them in, I'll sit back, relax, make sure I understand form M, make sure my wife didn't get $250--she doesn't think the did, make sure the IRS cashed my check, and then spend some quality time with a 1040X.
EmergDoc wrote:I was thrown for a loop this year by one of the tax credits, the one on line 63 of the 1040. The credit called "Making Work Pay and Government Retiree Credit" has an odd name. When I was originally doing my taxes, I skipped right over it because I'm not a government retiree, nor am I anywhere near the earned income credit area of the tax code, because I make a good income.
Cherokee8215 wrote:On my federal return, I owe about $600. But when I selected that I was elligible for the "Make Work Pay" credit in TurboTax, it didn't change the amount I owe by one cent. Am I missing something here? I was within the income limit.
Yep, with TurboTax (and I guess with most tax software), it all fills it out automatically. You might never even read the words "Making work pay ...".dbr wrote:Turbo Tax made sure this got done, no questions asked.
I believe TT determines for you whether you are eligible or not.durinsbane wrote:What happens if you select that you are not eligible? I think TT starts with the assumption that you will get it.Cherokee8215 wrote:On my federal return, I owe about $600. But when I selected that I was elligible for the "Make Work Pay" credit in TurboTax, it didn't change the amount I owe by one cent. Am I missing something here? I was within the income limit.
durinsbane wrote:What happens if you select that you are not eligible? I think TT starts with the assumption that you will get it.
simplesimon wrote:Kudos to EmergDoc for giving people the heads up and to TaxAct for including it.
Posted: Fri Jan 01, 2010 9:00 pm Post subject:
The making work pay credit is filed on schedule M. The instructions are to check "no" on line 1a if you are filing form 2555 for foreign income, then see instructions.
Posted: Fri Jan 22, 2010 8:18 am Post subject: Government Retiree Credit - Sched M
My tax year was sailing along until I reached Sched M and the Government Retiree Credit. I am trying to understand if I can take this credit. It reads -
Posted: Mon Jan 25, 2010 8:35 pm Post subject: Making work pay credit, schedule M question
I am using Taxact. I go through the questions and it adds $400 in Making work pay tax credit to my refund amount.
But I don't know if I received this already via reduced withholding during last year. How can I find out?
carolc wrote:Two people I know (myself included ) missed it. But the IRS caught it and changed our refunds accordingly. I understand they are checking returns for this particular item because many people who do tax returns the old fashioned way (by hand) are missing it.
jsl11 wrote:carolc wrote:Two people I know (myself included ) missed it. But the IRS caught it and changed our refunds accordingly. I understand they are checking returns for this particular item because many people who do tax returns the old fashioned way (by hand) are missing it.
Be careful. I did Schedule M correctly, and the IRS "caught it" and changed it incorrectly.
hollowcave2 wrote:I already sent in my 1040 and I am getting a refund, but I didn't realize that I could have claimed an extra $400 by filling out Schedule M. Maybe I should have used a tax software.
Anyway, do I really need to file 1040-X or do I just send in the Schedule M?
In my case, the tax software I was using (H & R Block At Home) could have caught the omission.foxfirev5 wrote:Likewise I recieved $800 additional refund over the $39 I anticipated. I guess its time for the old guy to spring for the tax software next year.