IRS returned me more than my return!

Forums: Tax Credit, Irs Refund, Making Work Pay, Schedule M Form
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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: 3,720 • Replies: 23

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Good for you. I have to do a correction because I did not use the Making Work Pay option . . . somehow missed it.

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@Linkat,

I turbo-taxed and they picked it up.

I am less leery of the IRS under this administration.

I love chocolate.

1 Reply

@Rockhead,

And now I can buy tons of chocolate.

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@Linkat,

Did you itemize your deductions?

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@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.

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@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...

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@Linkat,

Christmas in May!!! Awesome! Smile

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@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.

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@DrewDad,

yes

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Now how often does the IRS let you know you made a mistake ..... in your favor

1 Reply

@Linkat,

that is the policy. it has happened to me before too.

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@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.

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@engineer,

Thanks - now I am going out to stimulate the economy.

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@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>

1 Reply

@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.

1 Reply

@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.

1 Reply

Oh boy! Earned Income Credit for rich people.

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@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.

2 Replies

@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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IRS returned me more than my return!

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