Remember the $800 billion stimulus package which contained a tax credit for millions of American workers. That money was to help with stability for families and get money into the economy.
OOoppps! Seems congress overlooked some details and about 10 percent of taxpayers will have to pay back some or all of that tax credit back. DUH.......the law contained some mistakes that resulted in some taxpayers receiving money they shouldn’t have. 15 million taxpayers will have to repay the IRS!
Some taxpayers had better expect a smaller tax refund/ larger tax payment once the smoke is cleared.
This government MISTAKE will mostly effect those in the following situations
: Individuals Who Work Two Jobs
The IRS gave the $400 dollars credit to jobs not people so if you worked 2 jobs instead of $400 they gave $800 Oooops! No problem you just have to pay it back
Working Married Couples
If you and your spouse both worked and made over $13,000 you should have received $400 + $400 ) $800 right? Wrong someone didn't do the math right and gave $1200 ....not to worry ..you now owe the government $400.
Working Students
If a parent claimed the working student, and the student received the credit you owe the $400 back.
Social Security Recipients
Social security recipients received $250 however the government forgot to think about those recipients who still work.No problem you now owe the government $250.
Not sure what the future holds but as of now you will have to watch out for 2010 because they haven't fixed the problem yet.
BE SURE TO TALK TO YOUR TAX PREPARER AND SEE: IRS Notice 1036
http://www.irs.gov/pub/irs-pdf/n1036.pdf
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You would think they would slow down and do things right but they don't give a rats ass about the people. I am no longer sure what Washington is thinking but it sure is not about the people. I am sure that doesn't apply to all but most.
ReplyDeleteThe group in up there( DC) now seem to be more interested in getting things done than getting things right.
ReplyDeleteThere may be some good ideas but nobody wants to come up with more than ideas, could it be they don't know what to do after they have an idea? Somedays I wonder about the new group in the Capital.
ReplyDelete