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Seems the IRS wasn't clear with their rules. Imagine that.
Yes, the IRS is to blame. But, its not like those that will be paying the tax credit back had a choice in the matter. The credit was in the form of fewer taxes being deducted from their paycheck. Even if the IRS "rules" were screwed up, there was no option to decline fewer taxes being taking out short of changing your W-4. Therefore, IRS should be forced to reconcile this error out of their own budget, not out of the pocketbooks of the people.
Some people recieved more than was allowed for. They SHOULD have to pay that back. I do believe more should have been allowed for, but that was not the case. If you want to complain about it, direct your feelings to the appropriate place. Congress.
Few of the people effected will have to pay additional money when they file their taxes. The vast majority will simply have smaller refunds than they would have otherwise.
So not only will it have to be repaid but it's going to cost the taxpayers even more when the IRS has to process that returned money and fix instructions, notices and and maybe forms, as well as apply more resources to customer service to answer questions about it. Then, of course, if it's not paid back, it will cost taxpayers even more money if the IRS has to go out and physically collect it.
So not only will it have to be repaid but it's going to cost the taxpayers even more when the IRS has to process that returned money and fix instructions, notices and and maybe forms, as well as apply more resources to customer service to answer questions about it. Then, of course, if it's not paid back, it will cost taxpayers even more money if the IRS has to go out and physically collect it.
Very few will have to pay additional money. Most will merely get a smaller refund. Your scenario verges on hysterical.
Very few will have to pay additional money. Most will merely get a smaller refund. Your scenario verges on hysterical.
You are technically correct. This was never a tax credit. If was sold that way, however. The government did not lower the marginal tax rates. It was not a gift. It was smoke and mirrors.
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