Schedule M - did you file for your $400 tax credit? ($800 for working couples)

[underpants]

IRS: Thousands forgetting to take $400 credit
http://www.katu.com/news/88839622.html

PORTLAND, Ore. – An Internal Revenue Service source says thousands of people are missing out on cash by failing to take advantage of one simple credit available this year.

They're missing the 2009 "Making Work Pay" tax credit. Overlook the credit, and you could end up owing more than you need to – or you could lose out on a refund.

With the credit, almost everyone who paid payroll taxes in 2009 gets an extra $400 credit on their 2009 return - the one due April 15. The credit doubles for couples who both work. (Note that those with especially high incomes in 2009 may not qualify for the rebate.)

It's $400 you would have to pay back to the federal government – after the government granted a temporary economy-boosting reprieve on employee taxes. With one simple form, the $400 can stay in your pocket.

To apply, all you have to do is file a "Schedule M" with your 2009 federal taxes.


What to do if you didn't file a Schedule M
http://weblogs.baltimoresun.com/business/consuminginterests/blog/2010/03/schedule_m_making_work_pay_cre.html

Never fear, says IRS spokesman Jim Dupree ...

... there's no need to file an amended return. Taxpayers will get the credit if they qualify, even if they don't file a Schedule M:

If the taxpayer was eligible for the credit, she needn't worry, as it is not necessary in this situation to file an amended return. The IRS is making sure that taxpayers receive the credit when they are entitled, even if they fail to claim it on their return. Our programming calculates the credit due, our examiners validate the credit and we send a notice informing the taxpayer that we have made the correction to their return.