So where is my Tax Cut Mr. Zero? (VANITY) My 1040 tells all

[NavyCanDo]

OK, my 1040 is filled out and what am I finding? I get back $1732 LESS than I did last year.

2008 Refund - $2632

2009 Refund - $899

Was it because I made more? Nope, I made $2000 less in 2009 than in 2008. How about Mortgage interest? Nope, it was down some but not enough to bring my return down that much. How about that phony tax cut Obama gave us. Yes that’s it. Those aware of the gimmick warned us that it was just a tax deferment, so be expected to pay it back come tax time. I pity the people that will be shocked that they will be paying this year when they were use to getting money back. I hope they have some money set aside.

[NavyCanDo]

Makes me want to hurl when I hear Obam brag about the large tax cut he gave us.

I could be helping to stimulate the economy with that extra 1700 bucks, but nooooooooo.

Any other similar stories as you complete your tax returns?

[PrincessB]

No, but my federal withholding went up $11 on my January 2010 paycheck compared to December 2009.

[over3Owithabrain]

Before you file, do the worksheet for schedule M. You might get an “extra” 400 bucks back (or 800 filing joint). It the Making Work Pay credit. It’s an easy calc to see if you can add it to your taxes paid and increase your refund.

[Nosterrex]

I think that you meant “where”?

[NavyCanDo]

WHERE WHERE WHERE WHERE

I know. Note to self: check once, twice, and three times before clicking on the Post button.

So “wear” WHERE is my Tax Cut Mr. Zero? (VANITY) My 1040 tells all

[coop223]

Zero’s so called tax cut was nothing but an adjustment of the withholding tables, not the tax tables. All they did was take out less in withholding so you payed in less then you normally would and then called it a tax cut which it wa not. Nothing but smoke and mirrors?

[NavyCanDo]

“Before you file, do the worksheet for schedule M. You might get an “extra” 400 bucks back (or 800 filing joint). It the Making Work Pay credit. It’s an easy calc to see if you can add it to your taxes paid and increase your refund.”

Thanks, I will look into it. My wife also bought a car in 2009. There are tax benifits for some who did, so I will look into that as well.

[CharlesWayneCT]

Yes. A lot of people who were getting the reduced withholding think that was their credit, and will never think to fill out schedule M, which is the actual paperwork to get the tax credit.

I’ll have to remember to make sure my HR Block at-home program catches that.

THere’s also a credit if you replaced your heating and cooling systems last year, if you bought an “energy-efficient” system as defined by the government. I think mine qualifies, since I did high efficiency, but hopefully there isn’t some tricky paperwork I need.

[preamble]

thanks , 1040A line 40 — Making Work Pay tax credit.
I didn’t catch that at first.

You have to fill out Schedule M and attach it for this Making Work Pay
tax credit. That’s ten minutes of my life I won’t get back. :-)

Zero, why don’t you just decrease all tax rates by 0.5%?
No filling out of stupid tax schedules!

[NavyCanDo]

Title correction Please Where not wear.

[gitmo]

I looked at my 401K last night or the first time since Obama seized the White House.

I was very pleased with my returns over the last year.

Then I remembered. On election night I pushed everything from US investments to International.

I calculated what my returns would have been had I not shifted everything. MUCH BETTER this way.

I figure I’ll move back in about 3 years.

[NavyCanDo]

Thanks for the info on the Making Work Pay Credit. I got more work to do before I put a stamp on my return. The Wife bought a late model used car in 2009, so I have to look into that as well.

[lacrew]

Also, you may come out better if you take the standard deduction and file schedule L for property taxes.

[freespirited]

Like most people, we’ve seen a substantial drop in the value of our home. Nonetheless the county managed to raise our property tax $400 bucks.

[ROLF of the HILL COUNTRY]

As others have already told you, schedule M is a gimmick this year that gives anyone who worked a $400 credit on their taxes. Don't expect to see it again.

Alert to everyone: if you want to gnash your teeth in anger or perhaps cry; read the “Changes for 2010.” Bush's tax cuts are all gone.

Especially painful is the termination of the state sales tax deduction option. That's a $1000-$1500 break for most middle-class folks, and was enacted originally to provide more parity for citizens of non-income tax states.

[ANGGAPO]

And as for us old guys in the senior class, he killed the cost of living provision to our Social Security benefit. I bet we never get that back, after all, bankers and Wall Street critters have to get their bonuses first.

[Young Werther]

Let's not forget that those overworked Congress Critters and their staff received pay raises. After all hefting those ObamaCare bills requires more gym time!

sarc/

[A message]

Bump

[A message]

Any other similar stories as you complete your tax returns?

Same as your story. I was expecting the hit and sure as 0bama lies I'm paying back my "tax cut."