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HelicopterOff Topics News & Politics › Tax Credit mistake BS
11-17-2009 01:08 PM  8 years agoPost 1
Dblex

rrVeteran

Texas

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"Obama's" administration made a $400 mistake on taxes...

so now we have to pay it back

WHAT A CROCK OF CRAP!

Theres your funds people were asking about....

Highly Medicated for your protection......

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11-17-2009 10:45 PM  8 years agoPost 2
Hivoltage

rrApprentice

Ohio

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What? Explain Please!!!

I Dont Have No Stink'in Signature

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11-18-2009 02:55 AM  8 years agoPost 3
dilberteinstein

rrNovice

texas - USA

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Millions will have to repay part of federal​tax credit

By The Associated Press
November 16, 2009, 2:09PM
More than 15 million taxpayers could unexpectedly owe taxes when they file their federal returns next spring because the government was too generous with their new Making Work Pay tax credit.

Taxpayers are at risk if they have more than one job, are married and both spouses work, or receive Social Security benefits while also earning taxable wages, according to a report Monday by the Treasury Department's inspector general for tax administration.

The tax credit, which is supposed to pay individuals up to $400 and couples up to $800, was President Barack Obama's signature tax break in the massive stimulus package enacted in February.
Here's the kicker:
Separately, the IRS estimated that about 65,000 taxpayers could face penalties for not withholding enough taxes in 2009 because of the overly generous tax credits. However, those taxpayers will be eligible to have the penalty waived, IRS spokeswoman Michelle Eldridge said.
Note the key word "eligible". They didn't say it would automatically be waived.

http://www.nola.com/business/index....o_repay_pa.html

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11-18-2009 03:22 AM  8 years agoPost 4
baby uh1

rrVeteran

St. James, Mo.

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DID WE DO THAT?

Anything is possible if you don't know what you are talking about!

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11-18-2009 03:26 AM  8 years agoPost 5
Hivoltage

rrApprentice

Ohio

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I have a better name, The Three *##*&^@$. The sight of either of them make me sick.

I Dont Have No Stink'in Signature

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11-18-2009 01:47 PM  8 years agoPost 6
SSN Pru

rrElite Veteran

Taxachusetts

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You don't recall all of the discussion about this "Tax Credit"?

It WAS NOT a credit.

It WAS a tax withholdings rate decrease.

You will still owe the same amount of taxes (or more), however, the amount mandated to be withheld will likely not equal what you actually owe.

In addition to that, some tax payers withholdings were decreased TOO much resulting in an even greater withholdings defecit.

I was affected by that. I noticed it right away. I went to my HR department and had them withhold not only the decrease in the rate but also the extra amount the IRS screwed up on.

Stupidity can be cured. Ignorance is for life!

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