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If you paid close attention to your paychecks in 2009, you may have noticed a small increase. That was part of the Making Work Pay tax credit, a new addition to the tax code from the 2009 Recovery and Reinvestment Act, which added up to about $400 per individual and $800 for married couples filing jointly.
When you do your taxes this year (2010) fill out the form Schedule M to make sure you received the total credit. Keep in mind that you could owe the government some money if you had too little tax collected or you were ineligible for the tax credit.
See related links for more information from the IRS.
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When will taxpayers receive the making work pay tax credit in 2011?
there is none -- it ended in 2010
Can you claim the Making work pay tax credit again for 2010?
The current rule is in 2009 and 2010, the Making Work Pay provision provides a refundable tax credit of up to $400 for individuals and up to $800 for married taxpayers filing joint returns.
Is there a deadline for filing Schedule M?
Schedule M FORM of the 1040 income return for the making work pay tax credit has to be filed with your 2009 federal income tax return.
Who pays for the Making Work Pay credit?
Taxpayers. Tax decreases for one group of taxpayers will have to be paid for by another group of taxpayers, currently or in the future.
How much taxable income do you have to make to get the earned incomecredit return?
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit. And it also possible that could qualify for some of the making work pay tax credit. This would only happen when your income tax return is completely correctly.
Is it possible to get a tax refund larger than the amount withheld?
For 2010, there is a "making work pay" tax credit of up to $400. If you made below the threshold to pay taxes (around 16000 for single), then you would get all you paid in back, plus some or all of the $400 tax credit. In some instances, employers were able to not withhold the amount for the tax credit (giving you extra in your check) so that you don't get the tax credit. That is apparently a fairly rare situation, however. The $400 tax credit maxes out at $400, and is reduced based on income, beginning around $60000 if filing single, going to zero once over $75000. Sorry I don't have the exact numbers, but they are in most of the worksheets. Search the IRS web site for "making work pay" and it will provide exact details.
Are nineteen years old single and a full-time student Is Janice eligible for the making work pay credit on her tax return?
NO a dependent on another taxpayers income tax return would NOT qualify for the MWPTC on her income tax return.
What is this Fresno tax refund check we just received?
The Fresno tax refund check you received is most likely for the Making Work Pay Credit. However, you can contact your local IRS office to find out more information about the check.
If you are on social security and do not pay income tax can you still get a 1500 tax credit for purchasing a high erricant a c unit?
If you don't pay tax, what difference does it make? The credit can only be used to pay tax.
What is difference in tex cradet and working tax cradet?
A tax CREDIT is a tax CREDIT but you do HAVE some different rules to qualify for EACH different TAX credit that you want to know about. You do have some different tax credits that you could possibly qualify for when your 1040 income tax return is completely correctly.The working tax credit that you are asking about is called the MAKING WORK PAY TAX CREDIT and that means you must have some qualified earned INCOME that you have worked for provided your services to earn the income and then you also have other rule that have to met before you can qualify to get the MWPTC amount.Go to the IRS gov website and use the search box for Making Work Pay Tax Credit. This credit means more take-home pay for many Americans in 2009 and 2010Use the search box for Making Work Pay Credit: Questions and AnswersGeneral issuesSCHEDULE M INSTRUCTIONSGeneral InstructionsWho Can Take the CreditsYou cannot take the credit if the amount you enter on line 5 is $95,000 ($190,000 if married filing jointly) or more, you are a nonresident alien, or you can be claimed as a dependent on someone else's return. The credit is reduced if either of the following statements is true.* You (or your spouse, if filing jointly) received a $250 economic recovery payment during 2009. You may have received an economic recovery payment if you received social security benefits, supplemental security income (SSI) benefits, railroad retirement benefits, or veterans disability compensation or pension benefits.* You take the government retiree credit discussed next.
Are you getting a refund for your schedule m forms?
To get any of the credit amount the taxpayer would have to qualify for the Making Work Pay Credit and Government Retiree Credits using the Schedule M of the 1040 tax form. If you qualify for the schedule M credit then you would have to file your 1040 tax form along with the schedule M to get the credit amount if any that you might qualify for.
If you normally receive 1000 tax refund will you still receive that with Making Work Pay tax credit?
It would certainly be rather remarkable if ANYBODY received the same refund every year. It's hard to predict. They revised the withholding tables to lower withholding. That is supposed to be an advance payment of the Making Work Pay Credit. But the credit has some restrictions as to AGI that may make some people eligible for only a reduced credit or no credit at all. The fact that you overpay your taxes by $1000 every year shows how poor a predictor of actual tax liability withholding is. You can use a calculator like this one: http://www.dinkytown.net/java/Tax1040.html to try and predict what your 2009 tax liability will be and compare it to how much is actually being withheld from your paycheck and see if you are on course to get a refund. I don't think this calculator has been adjusted for the Making Work Pay Credit yet (but it may be by the time you read this), so you'll have to calculate that yourself.
