Millions Will Have To Repay Part Of Tax Credit

Sunday, November 22, 2009, AM | Leave Comment

Washington Post reported on November 16: “Millions will have to repay part of tax credit.”

Excerpts from the report

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.

Most workers started receiving the credit through small increases in their paychecks in April. The tax credit was made available through new tax withholding tables issued by the Internal Revenue Service.

IRS – The Making Work Pay Tax Credit
IRS Withholding Calculator

In a Nutshell
The lord giveth, the lord taketh.

Read the full article “Millions will have to repay part of tax credit“.

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