Posts tagged as:

Economic Recovery Payment

Waiting on Another Federal Stimulus Check?

8 June 2011

Prepare to keep waiting. A flurry of dismal news including a somber May jobs report and a less than encouraging report from Federal Reserve Chairman Ben Bernanke sent stocks and spirits lower midweek. Traditionally, that combination of factors leads to talk of a federal stimulus to give the economy a bit of a shot in [...]

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Did You Receive Your Economic Recovery Payment?

19 March 2010

I’ve received a lot of inquiries related to the Making Work Pay Credit and the Economic Recovery Payment. You cannot receive the maximum credit for both. If you are disabled or retired and received the Economic Recovery Payment, you must report it on your Schedule M when claiming the Making Work Pay Credit. It is [...]

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Ask the taxgirl: Making Work Pay Credit (once more with feeling)

15 March 2010

Taxpayer asks: Hello, I appreciate reading your comments about this topic and hope that you can tolerate one more. First, do I understand it correctly that married couple filing jointly can claim $800, even if only one of them earned an income? Second, I’ve never heard about this credit so I went to the IRS [...]

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Ask the taxgirl: Are Economic Recovery Payments Taxable?

10 March 2010

Taxpayer asks: Hi Tax Girl. I on social security and am using Turbotax to file my taxes. I have not as yet found out where to put the $500 received by my wife and myself from the federal government in June of 2009. Is this taxed? Taxgirl says: It sounds like you’re talking about the [...]

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Making Work Pay Credit: The Basics

21 February 2010

I’ve been getting lots and lots of questions about the Making Work Pay Credit. To make it easier for you, here are the basics: The Making Work Pay Credit is only available for taxpayers with earned income during the year. The credit HAS NOT already been calculated as part of your withholding. Your eligibility for [...]

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Ask the taxgirl: Disabled benefits in 2009

8 February 2010

Taxpayer asks: I heard that I can get more money back from my taxes this year because I am disabled. Is this true? I am on fixed income and it would help me. Taxgirl says: I think what you’re referring to is the one time payment for retirees and disabled persons as part of Obama’s [...]

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