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Thread: making work pay tax credit

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    gunsgirl's Avatar
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    #1

    making work pay tax credit

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    for those that do not know about it-

    here is the link to the IRS to explain.

    this could mean more money back for a lot of us!

    The Making Work Pay Tax Credit
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    #2
    Crap I totally forgot about this and didnt set up withholdings from my pay. Looks like we will be paying that back with taxes. There goes our refund.
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    #3
    Quote Originally Posted by gunsgirl View Post
    for those that do not know about it-

    here is the link to the IRS to explain.

    this could mean more money back for a lot of us!

    The Making Work Pay Tax Credit
    can someone explain this to me, I didnt know about it til i did our taxes the other day and said that we get the 800$ tax credit but they didnt add it in to our refund, do they mail it to you or sumthing?
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    #4
    Quote Originally Posted by HisCupcake View Post
    can someone explain this to me, I didnt know about it til i did our taxes the other day and said that we get the 800$ tax credit but they didnt add it in to our refund, do they mail it to you or sumthing?
    Well it is a credit not free money like EIC *if you qualify*

    If you were eligible for the credit and you filled out the form for it, it was applied to your return.
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    #5
    Quote Originally Posted by froglove View Post
    Crap I totally forgot about this and didnt set up withholdings from my pay. Looks like we will be paying that back with taxes. There goes our refund.
    Why would you need to set up withholdings for this? It reduces your tax liability and most employers would have adjusted your withheld taxes automatically.
    If they didn't, that only means you get it back at the end of the year instead of throughout the year.


    can someone explain this to me, I didnt know about it til i did our taxes the other day and said that we get the 800$ tax credit but they didnt add it in to our refund, do they mail it to you or sumthing?
    The making work pay credit is basically just like any other end of the year tax credit. The difference is most people will get it throughout the year instead of at the end of the year.

    You know how we all get taxes taken out of every paycheck? Well those taxes are withheld according to tables available from the IRS. Employers use those tables to determine how much to take out of our paychecks. When the Making Work Pay credit was created, the IRS actually adjusted those tables so that those who were eligible would pay less in tax every paycheck. You would see it back at the end of the year would be if your employer did not adjust the taxes withheld according to the new tables.

    According to this, the military pay checks did adjust withholdings.

    Making Work Pay

    I guess the short answer is, you already got your $800.

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