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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 56837  
Subject: Obama 'Making Work Pay' for early retirees Date: 12/21/2009 2:21 AM
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I just downloaded my free copy of the 2009 Turbo Tax Deluxe from Vanguard and entered my 2009 tax info so that I could calculate my 4Q estimated tax payment. Turbo Tax told me I qualified for a $400 tax credit under the "Making Work Pay Tax Credit" program. It was apparently triggered by the $6,000 in royalty income I got from some engineering courses I wrote years ago which goes on my tax return as self-employment income.

http://www.irs.gov/newsroom/article/0,,id=204447,00.html

Work never paid like this when Bush and rest of the GOP Tea-baggers and Chickenhawks were in office.

intercst
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22289 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/21/2009 2:57 AM
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I qualified for a $400 tax credit under the "Making Work Pay Tax Credit" program. It was apparently triggered by the $6,000 in royalty income I got from some engineering courses I wrote years ago which goes on my tax return as self-employment income.

Either something is wrong with TT or there's some other earned income on your return that you didn't mention. The credit is 6.2% of earned income with a limit of $400 ($800 on a joint return).

I don't know whether you receive SS benefits or not. If you do, you should have received a $250 "stimulus" payment in late spring/early summer. If you did, the maximum credit is $150. Make sure you check Schedule M of your return.

Phil
Rule Your Retirement Home Fool

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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22290 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/21/2009 3:30 AM
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TMFPMarti writes,

Either something is wrong with TT or there's some other earned income on your return that you didn't mention. The credit is 6.2% of earned income with a limit of $400 ($800 on a joint return).

I don't know whether you receive SS benefits or not. If you do, you should have received a $250 "stimulus" payment in late spring/early summer. If you did, the maximum credit is $150. Make sure you check Schedule M of your return.

Phil


Yeah, there's another $3,000 to $4,000 of Hocomania-related advertising revenue from the REHP website, so the total is around $10k.

intercst

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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22291 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/21/2009 11:37 AM
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<<I just downloaded my free copy of the 2009 Turbo Tax Deluxe from Vanguard and entered my 2009 tax info so that I could calculate my 4Q estimated tax payment. Turbo Tax told me I qualified for a $400 tax credit under the "Making Work Pay Tax Credit" program. It was apparently triggered by the $6,000 in royalty income I got from some engineering courses I wrote years ago which goes on my tax return as self-employment income.>>



No surprise there. My Democrat friends always seem anxious to subsidize people who don't work or don't work much and lard taxes onto those who do.

I paid $64 in taxes to the IRS last year, and expect to be tax free this year. When I was working, I got hosed.







Seattle Pioneer

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22313 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/22/2009 10:39 AM
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My Democrat friends always seem anxious to subsidize people who don't work or don't work much

Are you claiming that developing course materials and a web site aren't work? Maybe you should try it and let us know if you still think so!

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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22319 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/22/2009 11:25 AM
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"Are you claiming that developing course materials and a web site aren't work? "

He got paid for it once...and why should he get 'make work pay' for work he didn't do in the last year?

Only in a lib dem world!...loopholes....

t.

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22400 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/24/2009 1:29 PM
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He got paid for it once...and why should he get 'make work pay' for work he didn't do in the last year?

You're opposed to royalties? Only the movie/music studios, book publishers, and manufacturers should make any money after they give an initial payment to the artist/performer/writer/inventor? You don't think Sarah Palin should make more than her advance for "Going Rogue," even if it sells a gajillion copies?

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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22402 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/24/2009 2:20 PM
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"You're opposed to royalties? Only the movie/music studios, book publishers, and manufacturers should make any money after they give an initial payment to the artist/performer/writer/inventor? You don't think Sarah Palin should make more than her advance for "Going Rogue," even if it sells a gajillion copies?"

I'm against folks getting to get freebies on 'royalties' that were from work done five or ten or 20 years ago.

Like 'earned income' credits and tax payers money given to them when they didn't lift a finger in 2009.......on work done years ago.

t.

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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22408 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/24/2009 4:19 PM
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<<I'm against folks getting to get freebies on 'royalties' that were from work done five or ten or 20 years ago.

Like 'earned income' credits and tax payers money given to them when they didn't lift a finger in 2009.......on work done years ago.

t. >>


Heck, I don't begrudge intercst his royalty income.

Royalties on just residual payments that he earned earlier. As to how the tax codes treats such things, that's politics.

But it amounts to self employment income. I'm all in favor of that being treated generously. I'm GUESSING that gets hit with payroll taxes as well as income taxes?




Seattle Pioneer

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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22412 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/24/2009 10:55 PM
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"Royalties on just residual payments that he earned earlier. As to how the tax codes treats such things, that's politics.

But it amounts to self employment income. I'm all in favor of that being treated generously. I'm GUESSING that gets hit with payroll taxes as well as income taxes?"

Hope he has to pay SS on that.....and Medicare.......both parts.....

But getting 'earned income credit ' (make work, get loot)..... sort of rubs me the wrong way......


t.

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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22413 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/24/2009 11:46 PM
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<<But getting 'earned income credit ' (make work, get loot)..... sort of rubs me the wrong way......


t.
>>


I believe that you have to have dependent top be eligible for the earned income tax credit, so I think intercst has to do without that.

I'm all in favor of taking whatever tax benefits you are eligible for, though. Why the Congress wishes to punish working people so hard and treat early retirees so easily is a mystery, but I intend to take for which I'm eligible.



Seattle Pioneer

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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22416 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/25/2009 12:25 AM
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telegraph complains,

<<<"Royalties on just residual payments that he earned earlier. As to how the tax codes treats such things, that's politics.

But it amounts to self employment income. I'm all in favor of that being treated generously. I'm GUESSING that gets hit with payroll taxes as well as income taxes?">>>

Hope he has to pay SS on that.....and Medicare.......both parts.....

But getting 'earned income credit ' (make work, get loot)..... sort of rubs me the wrong way......


</snip>


I'm a lot prouder of getting an "earned income credit" than that big Dumbya Bush capital gains tax cut.

Getting a tax cut for just cashing a dividend check ought to really rub you the wrong way if you weren't a tea-bagger.

intercst

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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22418 of 56837
Subject: Re: Obama 'Making Work Pay' for early retirees Date: 12/25/2009 8:45 AM
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SP: "I'm all in favor of taking whatever tax benefits you are eligible for, though. Why the Congress wishes to punish working people so hard and treat early retirees so easily is a mystery, but I intend to take for which I'm eligible."

me too....

NO sense not taking what you can......but at some point, the money runs out.......and that isn't too far off.

Then it is a real mess when all those who think are entitled find out that things can end with suddenness they really didn't expect..like instantly.


t

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