Millions will have to repay part of tax credit
YahooNews ^ | November 17, 2007 | STEPHEN OHLEMACHER,
Posted on Tuesday, November 17, 2009 8:12:28 AM by Daffynition
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WASHINGTON — More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up President Barack Obama's tax break that was designed to help consumers spend the U.S. economy out of recession.
Individuals with more than one job and married couples in which both spouses work may have to repay the government $400, either through a smaller tax refund or a larger tax bill, according to a report released Monday by the Treasury Department's inspector general for tax administration. Social Security recipients who also earn taxable wages may have to repay $250.
The tax credit, which is supposed to pay individuals up to $400 and couples up to $800, was Obama's signature tax break in the massive stimulus package enacted in February. The credit has increased weekly paychecks for 95 percent of working families, giving them cash to help boost consumer spending during the worst economic recession in decades.
Workers concerned about whether they are withholding enough taxes can use a calculator on the IRS Web site to find the appropriate amount that should be withheld.
Taxpayers can adjust their withholding by filing a new W-4 form with their employer. But with only a month and a half remaining in the 2009 tax year, it's getting late to make adjustments.
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(Excerpt) Read more at news.yahoo.com ...
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And idiots want this agency to enforce a health care penalty?
SUCKERS!
