Schedule M is the big tax credit of 2009 that's really easy to miss.
After figuring deductions, calculating taxes, and recording estimated tax payments, the exhausted taxpayer will come to line 63 of IRS Form 1040. It has an innocuous description – "Making work pay and government retiree credits" – but potentially a big payout: $400 ($800 if married filing jointly).
Most taxpayers will be able to claim it.
Last year, in an attempt to reinvigorate the economy, the White House cut the amount of withholding for workers and sent out a onetime $250 payment to retirees?
That's money already in Americans' pockets. But unless they fill out Schedule M, they'll pay it back in taxes (at least initially).About 4 percent of tax filers so far failed to send along the new schedule.
C'mon. Really, Obama administration? Is it that embarrassing to Democrats to let people keep some more of their own money that you can't blare out to them that you let them keep more of their own money? Is it because you are too embarrassed to tell people you are taking a little less of their money while spending much, much more, or is it because you are that incompetent?