
Thems the pretty words I saw for the first time yesterday. I've been doing taxes for friends for years, started doing them to keep those folks from being fleeced by the various tax places "instant refund" offers. (You'd be surprised how many have and will lose a chunk of their cash just to get the remainder faster.) So yesterday I was doing the taxes for a friend (my first for the season)- older, works in a factory, single and makes about 30k a year. I've been doing his particular taxes for a few years, so I pretty much know how the drill goes and how much he usually gets back- $400-$500ish. Then the question above, with this pop up screen-
Making Work Pay CreditNow in a previous discussion I had pointed out to him the increase in his take home pay due to this credit, so I figured he wouldn't qualify. I was wrong, he received an additional $400 credit, meaning his refund was padded nicely and he was very pleased. (I did make him say "Thank you President Obama" out loud)
Part of the government's 2009 American Recovery and Reinvestment Act, the making work pay credit reduces your 2009 taxes up to $400 ($800 for couples filing a joint return). If you're eligible for this credit, chances are you've already been receiving it in the form of reduced withholdings on your paychecks. TurboTax will figure out your credit and make sure you've received everything you're entitled to.
An extra $400 in his pocket, and I'm guessing many others. I, a political junkie and demi professional, knew nothing about it. Think this is the kind of thing that we should be touting to the folks just like him? Start telling everyone you know.