Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

NY Tims: Many Filers Confused by Stimulus Tax Credit
NY Times ^ | April 9, 2010 | By DAVID KOCIENIEWSKI

Posted on 04/10/2010 7:27:37 AM PDT by Oldeconomybuyer

As the deadline approaches for filing tax returns, the process of claiming a tax break created by the stimulus package has proved to be more work than millions of people had bargained for.

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.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: failure; obamanomics; porkulus; socialism
Navigation: use the links below to view more comments.
first previous 1-2021-4041-47 next last
To: jiggyboy

I checked again. I am not eligible for this credit, since my income is not low.


21 posted on 04/10/2010 8:08:01 AM PDT by proxy_user
[ Post Reply | Private Reply | To 18 | View Replies]

To: Touch Not the Cat

All they have to do is go to taxact.com and let them do their taxes.


22 posted on 04/10/2010 8:08:05 AM PDT by Brilliant
[ Post Reply | Private Reply | To 2 | View Replies]

To: Oldeconomybuyer

23 posted on 04/10/2010 8:09:42 AM PDT by nhwingut (Palin/Bachmann '12)
[ Post Reply | Private Reply | To 1 | View Replies]

To: proxy_user

So you’re going out of your way to be a jerk then?


24 posted on 04/10/2010 8:10:45 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Oldeconomybuyer

BTTT


25 posted on 04/10/2010 9:03:13 AM PDT by Right_in_Virginia
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oldeconomybuyer

My return was one of the four million. I was expecting $1200 back, when I checked my refund status, I found out I was getting back just shy of $2000. About a week after the refund hit the bank, the IRS sent me a letter explaining that I didn’t file for the credit and that they’d added it in for me. I didn’t even notice anything about a “Schedule M” or the stimulus tax credit, I just filed like we always have for years.

}:-)4


26 posted on 04/10/2010 9:17:48 AM PDT by Moose4 (Wasting away again in Michaelnifongville.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: musicman

Turbo Tax is the way to go. I used it and it automatically calculated it into the return for me.


27 posted on 04/10/2010 9:53:48 AM PDT by NV Lawdog (In God I trust; Everybody else keep your hands where I can see them!)
[ Post Reply | Private Reply | To 16 | View Replies]

To: NV Lawdog

Same with H&R Block’s TaxCut program: It was automatic. I haven’t done my taxes by hand for at least a dozen years, and wouldn’t dream of doing so.


28 posted on 04/10/2010 10:09:08 AM PDT by dpwiener
[ Post Reply | Private Reply | To 27 | View Replies]

To: dawn53
Uh Oh, I'm closing Wednesday on a place. We've been traveling with work and living in a large 5th wheel for several years (think 5 slide and baby Freightliner) so we qualified for the credit. The higher income level made me qualified for the full amount.

Seen any word on those filing this year with their taxes?

My tax preparer is filing an extension so we are closed when we file. I'm not sure this was necessary.

29 posted on 04/10/2010 11:42:20 AM PDT by El Laton Caliente (NRA Life Member & www.Gunsnet.net Moderator)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Oldeconomybuyer

I did my Mom’s tax returns, and she just mailed them off. If the [NSFW}ing IRS claims a [NSFW]ing error on her return, just because I didn’t take care to add a [NSFW]ing stimulus creidt, I think I’ll [NSFW]ing go crazy!!!


30 posted on 04/10/2010 11:46:29 AM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: muawiyah
"As a result (of employers deducting too much), the audit warned, 15 million or more taxpayers might find that their refunds would be smaller than expected, or they might even owe taxes."

Well, that might explain why I owe them 767 bucks this year, along with the mortgage interest that my mortgage company won't report to the IRS until next year.

31 posted on 04/10/2010 11:49:03 AM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: aruanan

I don’t even recall seeing a “stimulus tax credit” box on my 1040. I thought the stimulus contribution consisted of decreasing my withholding a tad.


32 posted on 04/10/2010 11:51:13 AM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Oldeconomybuyer
All this for a totally insignificant one time tax credit of $ 500 and yet the socialist call this joke a "massive tax cut".

Wait until the Bush tax cuts expire on December 31 2010 and then people will feel the real pain. People who were paying 25% in Federal taxes are going to pay 28%, people who were paying 28% are going to pay 31%, those who were paying 31% will be paying 34%, the highest bracket of 35% will be paying 39%. Many other tax dedcutions that have been in the Bush tax cuts for the last 8 years will also expire by December 31 2010.

33 posted on 04/10/2010 11:56:46 AM PDT by jveritas (God bless our brave troops)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tolerance Sucks Rocks
"As a result (of employers deducting too much), the audit warned, 15 million or more taxpayers might find that their refunds would be smaller than expected, or they might even owe taxes."

The Times, in their sly way, are trying to point the finger at employers -- for deducting "too much".

Fact is, the Obama administration changed the withholding tables -- so as to reduce withholding. But they didn't change the tax tables. So you still owe the same amount of tax, but not as much was withheld against your liability.

This was Obama's idea of "a tax cut".

34 posted on 04/10/2010 11:59:52 AM PDT by okie01 (THE MAINSTREAM MEDIA: Ignorance on Parade)
[ Post Reply | Private Reply | To 31 | View Replies]

To: okie01

Well, that doesn’t surprise me. 0b0z0 seems to be what you people down there call “all hat and no cattle.”


35 posted on 04/10/2010 12:10:57 PM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
[ Post Reply | Private Reply | To 34 | View Replies]

To: jiggyboy

A minimum EARNED income. I suppose you family business could pay you a salary ~


36 posted on 04/10/2010 12:14:35 PM PDT by muawiyah ("Git Out The Way")
[ Post Reply | Private Reply | To 18 | View Replies]

To: 3D-JOY; abner; Abundy; AGreatPer; Albion Wilde; AliVeritas; alisasny; ALlRightAllTheTime; ...

PING!

And I missed the damn thing, too, but I haven’t sent mine yet, fortunately. And please don’t brag about how your tax software figured it out for yas. I pride myself on doing it by hand, and if I hear any more “easy-peasy” comments, my pointy head will explode.


37 posted on 04/10/2010 12:15:16 PM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oldeconomybuyer

No problem. Just use the Tim Geither method.


38 posted on 04/10/2010 12:17:07 PM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all. -- Texas Eagle)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tolerance Sucks Rocks
Frankly, he doesn't even have much of a hat...
39 posted on 04/10/2010 12:21:21 PM PDT by okie01 (THE MAINSTREAM MEDIA: Ignorance on Parade)
[ Post Reply | Private Reply | To 35 | View Replies]

To: El Laton Caliente

Filing this year seems to be to your advantage. It’s the ones that filed last year that are having problems. That’s because they revised the forms, and changed the rules after the fact, so from what I can gather all those that filed last year got caught in an audit of sorts.


40 posted on 04/10/2010 12:23:58 PM PDT by dawn53
[ Post Reply | Private Reply | To 29 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-47 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson