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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.
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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.
INSIDE WASHINGTON: Taxpayers to get rude surprise - Yahoo! Finance (http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1 - broken link)
click on the link to read the entire article....I just copied a few sentences ...
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.
----------------------------------------------------------------
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.
INSIDE WASHINGTON: Taxpayers to get rude surprise - Yahoo! Finance (http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1 - broken link)
click on the link to read the entire article....I just copied a few sentences ...
I think I will just count on mom and I paying more taxes next year than ever before and hold some back to pay the buggers off with.
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.
----------------------------------------------------------------
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.
INSIDE WASHINGTON: Taxpayers to get rude surprise - Yahoo! Finance (http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1 - broken link)
click on the link to read the entire article....I just copied a few sentences ...
I am shocked that people didn't already know this. Waht i am afraid of is many will not have the moeny at tax time and will owe it pluis a penalty.I have already changhed mu withholding and then started saving to savngs based on last years taxes. i was notified of theis by my retiremnt and given the old and new tax atble withholding. It seems funy that they seem to be encouraging people to spend the money that many may need at tax time.That is average guys part of the stimulus while others get free money.
The Old Bait and Switch. I knew it was in the pipeline somewhere. Tim Geitner is the Pee Wee Herman of the group. His "I know you are, but what am I?!" personality tells me that he doesn't know how in the hell he's going to explain to his boss that he's got to ask for millions of dollars BACK from the American people.
The Old Bait and Switch. I knew it was in the pipeline somewhere. Tim Geitner is the Pee Wee Herman of the group. His "I know you are, but what am I?!" personality tells me that he doesn't know how in the hell he's going to explain to his boss that he's got to ask for millions of dollars BACK from the American people.
The Old Bait and Switch. I knew it was in the pipeline somewhere. Tim Geitner is the Pee Wee Herman of the group. His "I know you are, but what am I?!" personality tells me that he doesn't know how in the hell he's going to explain to his boss that he's got to ask for millions of dollars BACK from the American people.
The problem is easily corrected by notifying the people affected. The word can be put out somehow, and people can be responsible for their own taxes. If people have difficulty saving money, they can have an extra amount withheld from their paychecks.
This is government incompetence as usual, but I don't believe this was done deliberately.
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