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So...Do you have to pay back your tax credit?? Maybe...

Millions Will Have to Repay Part of Obama Tax Credit
Stephen Ohlemacher, AP/Congressional Quarterly

More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up President Barack Obama's tax break that was designed to help consumers spend the U.S. economy out of recession.

Individuals with more than one job and married couples in which both spouses work may have to repay the government $400, either through a smaller tax refund or a larger tax bill, according to a report released Monday by the Treasury Department's inspector general for tax administration. Social Security recipients who also earn taxable wages may have to repay $250.

Answer Question
 
Anonymous

Asked by Anonymous at 11:22 AM on Nov. 19, 2009 in Politics & Current Events

Answers (18)
  • Anonymous

    Answer by Anonymous at 11:23 AM on Nov. 19, 2009

  • Nope! Because I am an independent contractor, I didn't get the extra money I was supposed to get. So, we should be gettiing money from it, I would think!

    Thanks for reminding me about it!
    Anonymous

    Answer by Anonymous at 11:25 AM on Nov. 19, 2009

  • I don't recall taking a tax credit. I guess I should go look.
    Anonymous

    Answer by Anonymous at 11:28 AM on Nov. 19, 2009

  • This is the IRS fault, how is it dofferent from the $600 spend out of debt from Bush?

    Anonymous

    Answer by Anonymous at 11:29 AM on Nov. 19, 2009

  • If I'm thinking of what you are thinking of it wasn't a tax credit. They changed the withholding rate. So if you were paying about the right amount before the change then you might have to actually write a check in April. But you also had the option to increase your withholding at the time and still can. Just go fill out a new W4. On the other hand if you are one of those people who like to get a big refund. expect it to me smaller this year. They wanted you to spend it now rather than wait until next April.
    Anonymous

    Answer by Anonymous at 11:33 AM on Nov. 19, 2009

  • I told you so.

    People were so exited about that extra $13! The government giveth and the government taketh away!
    yourspecialkid

    Answer by yourspecialkid at 11:33 AM on Nov. 19, 2009

  • So, does this mean that they wanted you to spend it now, but you also get the pleasure of paying for it again later?
    Anonymous

    Answer by Anonymous at 11:35 AM on Nov. 19, 2009

  • Oh, I am sure it will be more that is expected to be paid back than people got in the first place.


    Hey, in light of this informative information, let's hand over health care and the environment to government, since they obviously know what they are doing.

    QuinnMae

    Answer by QuinnMae at 11:37 AM on Nov. 19, 2009

  • Informative information? LOL, nothing like being a little redundant. Sorry for the repetition.


    slapping forehead

    QuinnMae

    Answer by QuinnMae at 11:43 AM on Nov. 19, 2009

  • Quinn you are a hoot! LOL
    yourspecialkid

    Answer by yourspecialkid at 11:57 AM on Nov. 19, 2009

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