Posts tagged as:

Making Work Pay Credit

Ask the taxgirl: 2 Years of Making Work Pay Credit

13 April 2011

Taxpayer asks: Ok, I file my tax for 2009 and claim the Making work pay credit for that year. So can I claim for 2010 year as well? taxgirl says: Sure. So long as you qualify in each year, you can claim the credit in each year. It’s not limited to just one year as [...]

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Ask the taxgirl: Passive Income and The Making Work Pay Credit

12 April 2011

Taxpayer asks: Are retired persons who have a working interest in natural gas wells eligible for the making work pay credit? taxgirl says: If the interest means that you’re simply receiving a check from the gas company, then no. You have to have earned income in order to qualify for the Making Work Pay Credit. [...]

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Ask the taxgirl: Making Work Pay Credit & Tax Years

21 February 2011

Taxpayer asks: Hi Tax girl, My nephew did not work in 2009…but did work the full year in 2010. Is he entitled to the making work pay credit? He does meet all of the other requirements. and If I could sneak in another quick question… My daughter did not claim the making work pay schedule [...]

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It’s Baaaack: Making Work Pay Credit

15 February 2011

My inbox is already filled with taxpayers trying to wrap their heads around the Making Work Pay Credit. Yep, it’s back and just as confusing as it was last year. Here are a few tips to help you sort it out: The Making Work Pay Credit did go away under the new tax deal (it [...]

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Making Sense of the Making Work Pay Credit (2011)

15 February 2011

So now that you’ve calculated the Making Work Pay Credit for the 2010 tax year, what does it all mean? It’s important to understand what a tax credit is exactly to figure out how it applies to you. A credit is a dollar for dollar reduction in your tax bill (as opposed to deductions which [...]

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Calculating the Making Work Pay Credit (2011)

15 February 2011

There have been few changes in the Making Work Pay Credit since last year (look for my post later today summarizing what you need to know). Those changes are, however, enough to throw taxpayers, so I’ve updated what you need to know to calculate the credit. As it was last year, if you were paid [...]

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Ask the taxgirl: Making Work Pay Credit and Dependents

16 January 2011

(Editor’s Note: Somehow, in the chaos of my Sunday morning, I didn’t paste in the second part of the question and first part of my answer. So, edited to reflect those changes… sorry about that!) Taxpayer asks: I’m 23, full time student, lived at home for free, worked…$6500 with withholding of $500. Can I file [...]

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Ask the taxgirl: Screwy Withholding

14 January 2011

Taxpayer asks: I am very confused. Your blog says that we will be getting back more money this year because of the payroll tax holiday. My withholding must be screwy because I am making less money. What is going on? taxgirl says: Okay, this is where tax laws can get really confusing. Yes, there is [...]

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Ask the taxgirl: Making Work Pay Credit Dates

7 January 2011

Taxpayer asks: Was the “Making work Pay” tax credit extended? taxgirl says: No, the Making Work Pay Credit was not extended as part of The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act which was signed into law on December 17, 2010. The credit is still applicable for the 2010 tax season since it [...]

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The Morning After: The Tax Deal Hangover

8 December 2010

I’ll admit that I didn’t see yesterday’s tax deal coming. I was fairly certain that the drama would play out through this week. We still have drama but now it’s more of the “let me explain” variety. Let me see if I can sort out for you what happened and why. First, let’s talk timing. [...]

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