Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Good news: I didn't know about the "making work pay" credit and my refund is $800 more than I had anticipated.

Bad news: I don't understand it. I have read the IRS web pages on this credit and they say that our employers should have been withholding according to the new rules. So why do we get the credit with our tax refund (we withhold so that we usually only have to pay or be refunded a couple hundred dollars, at most)? I did notice a change in the pay amounts early in 2009, so our employers seem to have used the new schedules.

It sounds like we had less withheld during the year, but also get another $800 credit at tax time?

Am I understanding this correctly?

Barbara
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement