CARL WATTS & ASSOCIATES
March 22, 2010
Washington DC
|
tel/fax 202 350-9002 |
Yes, this is new and you may even have seen it already on your 2009 Tax Return. If you want to know what it means and if you’re entitled to any of these credits, look no further, here is all you need to know:
|
Making Work Pay and Government Retiree Credits are part of 2009 stimulus package for economic recovery.
|
Making Work Pay Credit may get you up to $400 (or $800 if married and filing jointly) if:
|
||||
You had income from work
|
||||
Your adjusted gross income was less than $95,000 ($190,000 for married couples filing jointly)
|
||||
You fill out Schedule M to make the claim |
||||
You will get less money if:
|
||||
Your adjusted gross income exceeds $75,000 (single) or $150,000 (married filing jointly)
|
||||
You already received a $250 economic recovery payment during 2009 (you may have received it with your benefits from social security, SSI, railroad retirement, pension or veterans disability compensation)
|
You take the Government Retiree Credit.
|
||||
The Government Retiree Credit of $250 (or $500 if married filing jointly and both spouses qualify) can be yours if:
|
||||
You received a pension or annuity for service performed for U.S. Government or state or local government, that was not covered by social security
|
||||
You fill out Schedule M to make the claim
|
||||
You cannot take the credit if you already received a $250 economic recovery payment during 2009.
|
||||
Schedule M Credits