Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

This "snafu" making headlines is a good thing

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
tabatha Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-10 11:25 PM
Original message
This "snafu" making headlines is a good thing
Many Filers Confused by Stimulus Tax Credit

As the deadline approaches for filing tax returns, the process of claiming a tax break created by the stimulus package has proved to be more work than millions of people had bargained for.

The new tax credit, championed by President Obama as a follow-through on his campaign promise to provide broad-based tax relief, affects 95 percent of all Americans by cutting $400 from the total tax bill for individual filers and $800 for married couples.

In an effort to jump-start the sputtering economy by putting the money into people's pockets as quickly as possible, the government also decided to pay the credit upfront and instructed employers to reduce the amount of federal withholding deducted from workers' paychecks over the last year.


http://finance.yahoo.com/taxes/article/109305/filers-confused-by-stimulus-credit?mod=taxes-advice_strategy

Printer Friendly | Permalink |  | Top
Sherman A1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-14-10 05:02 AM
Response to Original message
1. Agreed
I got screwed by the stimulus and now owe several hundred $', where in previous years I would get a couple hundred back and simple apply that to the upcoming year. I had to adjust withholding and increase 401k contributions to help offset & try to keep some dollars. So what I gained last year in weekly pay, is all going back to the Treasury Department plus more.

For me it was a complete F*** Up.

Printer Friendly | Permalink |  | Top
 
tabatha Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-14-10 11:42 AM
Response to Reply #1
2. Oh, I did not mean it in that way.
I meant that the tea-partiers will now know, if they don't already, that Obama gave them a tax cut.

How on earth did you get screwed by the stimulus or was it self-inflicted?
Printer Friendly | Permalink |  | Top
 
Sherman A1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-14-10 03:50 PM
Response to Reply #2
3. not self inflicted at all
just the change in weekly withholding done by those charming little tax tables that the IRS screwed up. So I got to pay and get to pay more. Actual income fell by a couple of hundred dollars from 08 to 09.
Printer Friendly | Permalink |  | Top
 
tabatha Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-14-10 09:55 PM
Response to Reply #3
4. I always take out more ---
one had someone else decided what to take out on W2 (a long time ago) and was upset that I had to pay in. So, I now guesstimate more, and always have a refund.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun May 05th 2024, 02:27 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC