iLander
Ideal_Rock
- Joined
- May 23, 2010
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- 6,731
Full details in this article:
http://custom.yahoo.com/taxes/article-112112-94205d56-e6c9-4983-bafe-b667792c5456-claiming-the-making-work-pay-credit
"The Making Work Pay tax credit put some extra cash into most workers' paychecks in 2010. A single taxpayer was eligible for up to $400 last year, while married couples brought home a maximum of $800.
Although most eligible workers effectively got the credit amount because Uncle Sam took less money from their paychecks, that's not the official credit claim. Calculations made on Schedule M will help taxpayers determine whether they received the full credit in their paychecks or are due more money from the credit.
The Making Work Pay amount is reduced for joint filers whose modified adjusted gross income, or MAGI, is between $150,000 and $190,000. Single taxpayers whose MAGI is more than $75,000, but less than $95,000, also won't get the full credit amount. If your adjusted income is greater than the maximum for your filing status, then you won't get any of the credit.
In addition, some workers aren't eligible for the credit. The Making Work Pay tax credit is not available to nonresident alien workers or to individuals who can be claimed as a dependent on someone else's tax return.
While extra tax paperwork is never fun, when it comes to the Making Work Pay tax credit, Schedule M could really pay off. The credit is refundable, meaning that taxpayers who qualify for it can get it even if they owe no tax."
It's worth a shot!
http://custom.yahoo.com/taxes/article-112112-94205d56-e6c9-4983-bafe-b667792c5456-claiming-the-making-work-pay-credit
"The Making Work Pay tax credit put some extra cash into most workers' paychecks in 2010. A single taxpayer was eligible for up to $400 last year, while married couples brought home a maximum of $800.
Although most eligible workers effectively got the credit amount because Uncle Sam took less money from their paychecks, that's not the official credit claim. Calculations made on Schedule M will help taxpayers determine whether they received the full credit in their paychecks or are due more money from the credit.
The Making Work Pay amount is reduced for joint filers whose modified adjusted gross income, or MAGI, is between $150,000 and $190,000. Single taxpayers whose MAGI is more than $75,000, but less than $95,000, also won't get the full credit amount. If your adjusted income is greater than the maximum for your filing status, then you won't get any of the credit.
In addition, some workers aren't eligible for the credit. The Making Work Pay tax credit is not available to nonresident alien workers or to individuals who can be claimed as a dependent on someone else's tax return.
While extra tax paperwork is never fun, when it comes to the Making Work Pay tax credit, Schedule M could really pay off. The credit is refundable, meaning that taxpayers who qualify for it can get it even if they owe no tax."
It's worth a shot!
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