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#373098 - 04/10/10 09:45 PM Tax Credit and I.R.S. Schedule M Confuse Millions
Marty Offline
this is usa chat but..... for those who file in the usa, there is gold ($800 for a family) in line 63. i had missed it, and luckily hadn't mailed my forms yet and a minor adjustment at the end of the form that took about 5 minutes got me $800us

The new tax credit, championed by President Obama as a follow-through on his campaign promise to provide broad-based tax relief, affects 95 percent of all Americans by cutting $400 from the total tax bill for individual filers and $800 for married couples.

But what millions of taxpayers did not realize was that to have the credit deducted from the total amount of taxes owed, they are required to complete a new form, Schedule M. For millions of retirees, the procedure also requires an additional step because they have to deduct the tax break, known as the “Making Work Pay” credit, from other tax credits they may have received.

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. The government expects to receive 60 million more returns by the filing deadline on Thursday, so it is possible that millions of additional returns will also contain similar errors.

http://www.nytimes.com/2010/04/10/your-money/taxes/10tax.html
http://www.irs.gov/pub/irs-pdf/i1040sm.pdf?portlet=3
http://www.irs.gov/pub/irs-pdf/f1040sm.pdf?portlet=3

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#373105 - 04/11/10 12:02 AM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: Marty]
Relaxed Offline
Awesome............more free money

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#373117 - 04/11/10 11:28 AM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: Relaxed]
seashell Offline
I'm assuming that was a tongue in cheek comment?
_________________________
A fish and a bird can fall in love, but where will they build their nest?


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#373123 - 04/11/10 01:57 PM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: seashell]
Relaxed Offline
It was a thank you for the information comment.

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#373152 - 04/12/10 12:15 AM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: Relaxed]
seashell Offline
You consider a tax credit as free money?
_________________________
A fish and a bird can fall in love, but where will they build their nest?


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#373155 - 04/12/10 02:09 AM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: seashell]
Relaxed Offline
Complying may result in your providing more confidential information and that is irreversible which "may" result in more tax liability later on in life........the choice is yours.

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#373210 - 04/12/10 05:38 PM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: Relaxed]
Otteralum Offline
no free lunch...
_________________________
I will have a Belikin -- put it on klcman's tab.

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#373367 - 04/14/10 03:54 AM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: Otteralum]
Rykat Offline
Lunch is free but we all get the bill for dinner
_________________________
GOP - The Party of Lincoln.

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#373379 - 04/14/10 02:38 PM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: Rykat]
kingjorge Offline
As an S-Corp. I get killed with the unfair progressive tax system. Now I will ALSO be faced with the Value Added Tax from this current nonadministration and their about to be repealed socialist nonsense. Midterms are the Great RIGHT Hope.

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#373386 - 04/14/10 03:35 PM Re: Tax Credit and I.R.S. Schedule M Confuse Millions [Re: kingjorge]
klcman Offline
So setup an LLC
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_ _ _ _ _ _ _________________ _ _ _ _ _ _
But then what do I know, I am but a mere caveman

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