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My friend told me about this credit on my taxes. Trying to get them done today on HRBlock.com. It popped up and said I was eligible for the $400 credit, but the amount of my return never changed.
Anyone know about this or what I'm possibly doing wrong?
I honestly know nothing about this credit. I just did my taxes using turbo tax and this credit came up, it asked me a bunch of questions and then said I was eligible and gave me the credit. No idea how it works or what it takes to be in it but turbo tax is excellent with how they ask you very specific questions and really make it hard to mess up....unless you answer the questions wrong I guess.:wideeyed:
To sum up: no, I don't know what is going on for you! Sorry, not much help.:sad:
The stimulus act reduced withholding but did not change the tax rates. To make things work out, they generated a $400/individual and $800 joint tax credit.
It's generally a wash, but it is difficult to explain.
Schedule M is the form to reference for the credit. Added $800 (married) to my small refund even though my employer had already reduced my withholdings. I followed the directions on the form and that was the result. Whatever...maybe I'll get audited because of it.
You guys have more luck than me. I've been retired since 2002 and so don't qualify for the Making Work Pay credit but I wasn't getting Social Security yet so I didn't get the $250/$500 payment they gave to people on Social Security. I'm going to consider this as my contribution to reduction of the Federal debt. Don't raise my taxes until the other 299,999,998 people in the U.S. make their contributions.
At least you can plan on getting social security. I figure i'll pay in but not see much if anything from it.Quote:
Originally Posted by IsUaClone2
They'll figure out something. It would be political suicide to abort paying social security.Quote:
Originally Posted by alarson
Your refund didn't change because most tax software automatically assumes and factors in that you will get the credit. If you answer the specific questions for the credit such that you are not eligible for the credit then you would see your refund decrease.Quote:
Originally Posted by rworkman83
I was reading in a magazine around christmas that Social security as it is right now, with nothing else put in would last until 2034 or something. We will still get Social security, most likely something will have to change in order to make it last longer. The article also said the social security has large bonds that could be cashed out extending it to like 2075 and that is with everything staying the same and no money going into it. I wish I could remember what magazine, it was written by someone who worked with Greenspan back in the 70's.Quote:
Originally Posted by alarson
If you make more than $75k as an individual or $150k as a couple filing jointly, you don't qualify.
You've already had the credit by way of reduced withholdings. They're just reminding you of that.