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Glad you liked your tax credit (now give it back)


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19 replies to this topic

#1 Mr. Scot

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Posted 01 May 2009 - 02:40 AM

Something tells me this won't go over well.

Taxpayers to get rude surprise

Millions of Americans enjoying their small windfall from President Barack Obama's "Making Work Pay" tax credit are in for an unpleasant surprise next spring.

The government is going to want some of that money back.

The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most workers started receiving the credit through small increases in their paychecks in the past month.

But new tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds of dollars more than they are entitled to under the credit, money that will have to be repaid at tax time.

At-risk taxpayers include a broad swath of the public: married couples in which both spouses work; workers with more than one job; retirees who have federal income taxes withheld from their pension payments and Social Security recipients with jobs that provide taxable income.

The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.



#2 g5jamz

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Posted 01 May 2009 - 08:28 AM

Withholding is evil

It should be abandoned and a monthly check have to be written or auto-debitted from an account. Let people see what they get...and then what the government takes.

#3 Kurb

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Posted 01 May 2009 - 08:34 AM

Took noticable chunk away from me this month.


Bev taking .5%

Everything is just dandy.

#4 SCP

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Posted 01 May 2009 - 03:16 PM

Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said Geithner has yet to respond to concerns raised by committee members.

"So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said.


Why does this not suprise me?????

We've got a bunch of nimrods running the show.

#5 pstall

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Posted 01 May 2009 - 03:30 PM

does this mean WE ALL are eligible for a cabinet spot?

#6 ItsNotGonnaBeAlright

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Posted 01 May 2009 - 03:31 PM

We've got a bunch of nimrods running the show.


I know plenty of nimrods. They're good people.

These people are much worse than nimrods.

#7 Davidson Deac II

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Posted 01 May 2009 - 07:20 PM

I somewhat prepared for this. As soon as I started getting the 20 bucks or so extra, I had them take 20 bucks extra out of my pay for taxes.

#8 dimbee

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Posted 01 May 2009 - 07:22 PM

I somewhat prepared for this. As soon as I started getting the 20 bucks or so extra, I had them take 20 bucks extra out of my pay for taxes.


Dang, that's awesome you can monetize the exact amount of your tax deductions! How do you do that?

#9 Davidson Deac II

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Posted 01 May 2009 - 08:36 PM

Dang, that's awesome you can monetize the exact amount of your tax deductions! How do you do that?


Not sure what you mean. My take home pay increased by a few bucks every payday, and I had the extra amount withheld.

Irt my taxes, I get it pretty close every year. This year, I owed 100 federal and 150 state. Last year it was around 20 owed to federal and got a 50 dollar refund from state.

#10 dimbee

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Posted 01 May 2009 - 08:58 PM

Not sure what you mean. My take home pay increased by a few bucks every payday, and I had the extra amount withheld.


I was meaning that I wasn't aware that I could setup my tax deductions in a way where I can take any increase and just put that back to taxes. I'm admittedly not savvy when it comes to tax deductions from my paycheck... I've always just gone the 1 for this, 1 for that on my W-4 form and that specified the amount deducted. I didn't know there was a field to input specific additional amounts to be deducted. How do I do that?

#11 Davidson Deac II

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Posted 01 May 2009 - 09:09 PM

If you work for a company that uses the old fashioned paper form, then on line 6 of your W4, it ask for any additional amount that you want witheld. If your take home pay increased by 20 bucks, just put 20 bucks in that line (or any amount you want withheld), and they will withhold 20 in addition to what they already take out.

W4

If you are with a company that does it online, it should be similar. Somewhere there should be a line that ask if you want any additional amount withheld.

#12 Fireball77

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Posted 01 May 2009 - 09:11 PM

Yes Dimz, there is a field on the w-4 you can denote a dollar amount to be withheld in addition to the standard amounts for 1 exemption etc. It's line 6 on the w-4. Your personnel dept should be able to give you a new w-4 to fill out and it usually takes a couple paychecks to go through (if it's like my old co).

#13 dimbee

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Posted 01 May 2009 - 09:12 PM

If you work for a company that uses the old fashioned paper form, then on line 6 of your W4, it ask for any additional amount that you want witheld. If your take home pay increased by 20 bucks, just put 20 bucks in that line (or any amount you want withheld), and they will withhold 20 in addition to what they already take out.

W4

If you are with a company that does it online, it should be similar. Somewhere there should be a line that ask if you want any additional amount withheld.


Cool. Thanks!

So that's what you did? That's very proactive... I don't know that I would even give a second thought to it

#14 pstall

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Posted 01 May 2009 - 09:14 PM

we can do ours online..tweak it every year

#15 dimbee

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Posted 01 May 2009 - 09:22 PM

we can do ours online..tweak it every year


Nice. I'll have to check out if we have that capacity.

Did you change yours, pstall? Don't want that $20 to bite you in the ass!


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