my understanding of this credit is that for 2010 taxpayers will still be receiving slightly more in their paychecks, but how about when they file their 2010 tax returns. ? will there still be the 400 or 800 credit or another number or anything at all. haven't seen anything as yet on this.
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TTB 1-15Originally posted by taxmom34 View Post
Making Work Pay credit. For 2009 and 2010, a refundable tax
credit equal to the lesser of 6.2% of earned income, or $400 ($800
MFJ), is allowed for eligible individuals (IRC ยง36A). Because the
credit is refundable, taxpayers receive the benefi t even if their tax
liability is otherwise zero. -
Will taxpayers receive a SECOND $250 Economic Recovery Payment during the year
2010? I hope not because it has caused so much confusion. I believe I saw in the
newspaper or on TV that such a SECOND $250 payment MAY be forthcoming.
But if a second $250 payment is NOT received in 2010, what purpose will the
schedule M serve on the 2010 tax return? Would everyone who has sufficient earned income
get the full $400 or $800 making work pay credit and those few Certain Government Retirees
would get the $250 credit? Does anyone know for sure?Comment
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