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IRS returned me more than my return!

 
 
Linkat
 
Reply Tue 18 May, 2010 07:29 am
Believe it or not the IRS gave me a check (well direct deposit) for more than what I calculated as a refund on my 1040. They sent a letter telling me I was eligible for some sort of item - "Making Work Pay" credit. It was an additional $800! And I didn't need to file an amended form or anything. I now love the IRS!

So I did a search of the item. Seems most people do not realize that they are entitled to a stimulus tax credit. You are supposed to fill out a schedule M to get it. Most people do not realize that they need to fill out this schedule - the IRS is looking at this particular item as so many people did not realize they needed to fill this out for the credit.

http://www.nytimes.com/2010/04/10/your-money/taxes/10tax.html
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Type: Discussion • Score: 10 • Views: 3,080 • Replies: 23
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plainoldme
 
  1  
Reply Tue 18 May, 2010 08:46 am
Good for you. I have to do a correction because I did not use the Making Work Pay option . . . somehow missed it.
0 Replies
 
Rockhead
 
  1  
Reply Tue 18 May, 2010 08:51 am
@Linkat,
I turbo-taxed and they picked it up.

I am less leery of the IRS under this administration.

I love chocolate.
Linkat
 
  1  
Reply Tue 18 May, 2010 09:04 am
@Rockhead,
And now I can buy tons of chocolate.
0 Replies
 
DrewDad
 
  1  
Reply Tue 18 May, 2010 09:17 am
@Linkat,
Did you itemize your deductions?
TTH
 
  1  
Reply Tue 18 May, 2010 09:49 am
@DrewDad,
You don't have to itemize your deductions to get that credit. If you received an economic recovery payment in 2009, that amount needs to be calculated in when Schedule M is completed. If you don't know or can't remember if you received the credit, you can call the IRS or go to the IRS site and look it up.
0 Replies
 
TTH
 
  1  
Reply Tue 18 May, 2010 09:50 am
@Linkat,
People who are claiming the credit and calculating the form incorrectly are slowing up their refunds. I didn't check out your link btw...
0 Replies
 
Irishk
 
  1  
Reply Tue 18 May, 2010 09:57 am
@Linkat,
Christmas in May!!! Awesome! Smile
0 Replies
 
kuvasz
 
  1  
Reply Tue 18 May, 2010 10:07 am
@Linkat,
Damned Obama and those Democrats.

btw Mrs Kuvasz and I got over $10,000 back. So I don't quite know which planet the tea baggers are living on to complain about high taxes, since the total tax rate hasn't been so low since Harry Truman was in the White House.
0 Replies
 
Linkat
 
  1  
Reply Tue 18 May, 2010 10:56 am
@DrewDad,
yes
0 Replies
 
Linkat
 
  1  
Reply Tue 18 May, 2010 10:58 am
Now how often does the IRS let you know you made a mistake ..... in your favor
kuvasz
 
  1  
Reply Tue 18 May, 2010 01:34 pm
@Linkat,
that is the policy. it has happened to me before too.
0 Replies
 
engineer
 
  1  
Reply Tue 18 May, 2010 02:02 pm
@Linkat,
I've heard of other cases where the IRS found errors in favor of the taxpayer and paid up. It's not just the current administration. Congrats on the windfall.
Linkat
 
  1  
Reply Tue 18 May, 2010 02:08 pm
@engineer,
Thanks - now I am going out to stimulate the economy.
0 Replies
 
chai2
 
  1  
Reply Tue 18 May, 2010 02:28 pm
@Linkat,
I am so glad you posted this linkat.

I discovered I did not claim the Making Work Pay credit on April 16th.

That was when there was a news article about how many people were missing it.

I was embarrassed to 'fess up here, I'll admit.

I found out that the IRS was going to send everyone their refunds, but there wasn't good information on how long it would take....some said as late as September. I just counted my blessings that this wasn't money I needed to survive or keep a roof over my head.

Your getting it now raises my hopes.

<rubbing hands together in anticipation>

Linkat
 
  1  
Reply Tue 18 May, 2010 02:56 pm
@chai2,
You can also send an amended form. I don't think it is anything to be embarassed about - I mean I do accounting work as a job. It wasn't made known that well - that is why the IRS is reviewing for it.
TTH
 
  1  
Reply Wed 19 May, 2010 01:14 pm
@engineer,
There have been audits that I have went to with taxpayers where the IRS ended up paying the taxpayer, so yes it does happen. So even audits doesn't mean you will owe the IRS more money.
roger
 
  1  
Reply Wed 19 May, 2010 01:35 pm
Oh boy! Earned Income Credit for rich people.
0 Replies
 
Irishk
 
  1  
Reply Wed 19 May, 2010 02:04 pm
@TTH,
TTH wrote:
So even audits doesn't mean you will owe the IRS more money.


Maybe not, but just hearing those two words, IRS and audit, in the same sentence puts the fear of God in most of us LOL.
roger
 
  1  
Reply Wed 19 May, 2010 02:07 pm
@Irishk,
Especially since defending the audit can cost more for a business than the value of the allegation. Good for tax lawyers and accountants, though.
 

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