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Taxpayers to get rude surprise. Are you one of the millions who will have to pay your tax credit back?

(AP) -- Millions of Americans enjoying their small windfall from President Barack Obama's "Making Work Pay" tax credit are in for an unpleasant surprise next spring.

The government is going to want some of that money back.

The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most workers started receiving the credit through small increases in their paychecks in the past month.
But new tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds of dollars more than they are entitled to under the credit, money that will have to be repaid at tax time.

The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.

http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1

Answer Question
 
myame

Asked by myame at 7:28 AM on May. 1, 2009 in Politics & Current Events

Level 13 (1,313 Credits)
Answers (96)
  • So, if you are getting MORE than your $13/week (married), you might want to start saving your pennies!!!!


     Example:-- A married couple with a combined income of $50,000 is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost -- for a total of $1,200.


    So, the IRS may come calling next spring for you to have to repay that difference ($400)...

    myame

    Answer by myame at 7:32 AM on May. 1, 2009

  • Nope, I planned AHEAD of the schedule and filled out a paper to have even more taxes out on myself back in Janurary. It was something like filing married but having a higher tax rate taken out each check. The "extra" money I get goes into my savings account anyways LoL
    SweetKYmom

    Answer by SweetKYmom at 7:35 AM on May. 1, 2009

  • I bet there are fewer of you and I sweeyKYmom and there are more who won't understand what is happening. I have seen moms on here brag about getting more than the $400 or $800 amount. I don't think they understand they have to pay that difference back. LOL...
    myame

    Answer by myame at 7:40 AM on May. 1, 2009

  • My only question is: why is anyone really surprised by this? The man has NO clue what he's doing, he's in way over his head, won't admit it,and now we are all paying the price,and this is just more proof of that. How much longer are the American people going to put up with an enept moron running our country? How much longer till we say 'either quit, or start impeachment"? We have to take a stand at some point,before our country is destroyed,and at the rate this idiot is going, it's only a short time off! Take a stand now, while America is STILL THE LAND OF THE FREE!
    Anonymous

    Answer by Anonymous at 7:43 AM on May. 1, 2009

  • Yesterday I got an unexpected letter in the mail. The first line started with a Bold "CONGRATULATIONS!" it went on to say that I will be getting a $250 check from SS because of President Obama's stimulus plan. It said there is nothing I have to do to get the check and that it should be mailed to me by the end of May.

    Then I read the fine print.... yeah, the checks are going out to some people but I don't qualify! (which is fine and dandy with me!) I just thought it was really crappy that the whole first paragraph was in bold type and all it talked about was this check that was coming in the mail!


    It should have said “you might be getting a check, if you qualify“. It should NOT say “CONGRATULATIONS! You will be getting a check in the mail for $250”

    VeronicaLee

    Answer by VeronicaLee at 8:03 AM on May. 1, 2009

  • How much longer are the American people going to put up with an enept moron running our country? How much longer till we say 'either quit, or start impeachment"? We have to take a stand at some point,before our country is destroyed,and at the rate this idiot is going, it's only a short time off! Take a stand now, while America is STILL THE LAND OF THE FREE! anonymous 7:43

    For at least eight more years..... If you haven't check lately polls show 62 % approval.
    FOX News Poll: Obama's First 100 Days
    A majority of Americans approve of the job President Obama is doing, are satisfied with what he has accomplished so far and think he is keeping his promises, according to a FOX News poll of Obama's first 100 days.
    Anonymous

    Answer by Anonymous at 8:04 AM on May. 1, 2009

  • Obama's job approval rating comes in at 62 percent, down just three points from the 65 percent approval he received after his first week in office. Twenty-nine percent of Americans disapprove.

    In addition, most people say Obama is doing a better job than they expected (26 percent) or meeting expectations (56 percent). Few say he is doing worse than expected (16 percent).

    fox polls....
    Anonymous

    Answer by Anonymous at 8:04 AM on May. 1, 2009

  • I'm not surprised at all. I agree with anon:43. This is the perfect example of a politician promising what he can't deliver during campaign time and making it true once he is elected.
    lilbit022009

    Answer by lilbit022009 at 8:04 AM on May. 1, 2009

  • But new tax withholding tables issued by the IRS COULD cause millions of taxpayers to get

    I've never seen so many pessimists! That's why your party is now a minority.
    Anonymous

    Answer by Anonymous at 8:09 AM on May. 1, 2009

  • Obama's job approval rating comes in at 62 percent, down just three points from the 65 percent approval he received after his first week in office. Twenty-nine percent of Americans disapprove.


    Yeah,and every one of those polls are done in predominantely pro-Obama areas. Let em ask the rest of the country,not just liberal Hollywood! I guarantee, at least 95% of the people I talk to everyday are extremely upset with him,and most have said they know he won't last 4 years. Those polls are so biased,it's not even funny. So, sorry,but nope, ain't buyin it one bit. Try again.
    Anonymous

    Answer by Anonymous at 8:18 AM on May. 1, 2009

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