First introduced in 2009, the Making Work Pay tax credit was available for two years – 2009 and 2010. With this credit you could receive a bonus of up to $ 400 (or $ 800 if you filed jointly filed jointLady Macbethijk) for work only .
However, this tax credit was no longer extended by Congress after 2010 and is not available for tax years 2011 and later.
If you had income from a job or as a self-employed person over the years this credit was available, you can calculate your Making Work Pay credit based on your earned income. You must also submit Schedule M to claim the credit – even if you received it as an income increase in your salary.
In some circumstances, calculating your credit is not that clear. Follow the instructions on Schedule M if you:
The credit starts to decrease if your adjusted adjusted gross income (MAGI) is $ 150,000 and you submit yourself as a married declaration together with joint Lady Macbethijk. If you sign up as a different status, it will be turned off as soon as your MAGI reaches $ 75,000. You get no credit at all if you sign up togetherLady Macbethijk and your MAGI is $ 190,000 or more. For all other taxpayers, the credit disappears as soon as MAGI reaches $ 95,000
Although the tax credit for Making Work Pay no longer exists, you have three years to adjust the returns from the due date of your original tax return or two years after the date on which you paid the tax, whichever is later. Therefore, there may still be time for you to take advantage of this extinct tax benefit.
Did you use the Make Work work credit? What do you think of this tax reduction?
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