Posted on 04/10/2010 7:27:37 AM PDT by Oldeconomybuyer
As the deadline approaches for filing tax returns, the process of claiming a tax break created by the stimulus package has proved to be more work than millions of people had bargained for.
What millions of taxpayers did not realize was that to have the credit deducted from the total amount of taxes owed, they are required to complete a new form, Schedule M. For millions of retirees, the procedure also requires an additional step because they have to deduct the tax break, known as the “Making Work Pay” credit, from other tax credits they may have received.
While either of those procedures takes only a few minutes, I.R.S. officials said that the unfamiliarity with the process of claiming the credit had led to errors in more than four million of the 82 million returns processed as of this week. The government expects to receive 60 million more returns by the filing deadline on Thursday, so it is possible that millions of additional returns will also contain similar errors.
(Excerpt) Read more at nytimes.com ...
.
So...the stupid, lazy and ignorant are too, well, stupid lazy or ignorant to claim this year’s gimmee?
What millions of taxpayers did not realize.
Its always the taxpayers who dont realize, never the screwed up Government who messes things up. Fair tax now get rid of IRS.
FLAT TAX bump
I’ve followed this blog off and on for about 6 months. Talk about confused and frustrated. Many (most) of those filing for the First Time Home Buyer’s Rebate have had a difficult time w/the IRS.
http://www.lvrealty.net/news/first-time-home-buyer-tax-credit
It was my understanding the credit would automatically be adjusted on the withholdings, I did not find out it wasn’t until I filed my taxes. Still had to pay a ton anyway, oh well. I think income withholdings should be illegal anyway, the greatest fleecing of America (or close to it).
Investigate and understand the Fair Tax...and you will support it.
It will do just fine until after the shooting stops.
And, ta-ta-daa, we find the United States government itself (or United Stase guf'mnt is-sef) in the category of stupid employers who reduced withholding improperly for 100% of its retirees!
Oh that reminds me. Time to send in my extension....
But only people with low incomes are eligible for this credit, right?
I wasn’t confused. My CPA figured it out. He does our business and personal returns.
A “gettin’ ready to do the Turbo Tax thingee” BFLR.
**FLAT TAX bump**
When the INCOME TAX was originally created, it was basically a FLAT TAX. One rate for everyone, and ONE RATE for the “RICH”..which was such that the higher rate affected only a small handful of American.
And LOOK where it is NOW!!
A Flat tax will never work, as long as Congress has control over it. I have to agree with the FAIR taxers on this one, as it would remove control of taxes from the Congress to the People.
No, there is in fact a minimum income required to take this credit. It starts to phase out way above $100K for a married couple IIRC.
**It’s just one freaking page.**
I found out about it by accident.. I stumbled across it looking for something ELSE.
Just what I need is another form. As my Federal tax return, when filled out and printed is just shy of an inch thick. and I don’t make all that much Money!
An example of how all the new recipients of medicare under the ‘bammercare will will be paid for - deducting medicare monies from senior cits?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.