Report: 15 Million May Owe Taxes on Stimulus Tax Credit

November 16, 2009

(ChattahBox)—The Making Work Pay tax credit, issued to taxpayers under the stimulus package last February, may bring some Americans an unwelcome surprise when the time arrives to prepare their tax returns. A new report released by the Treasury Department’s inspector general for tax administration, warns that many taxpayers may end up owing unexpected taxes on the credit benefit.

The generous tax credit awarded individuals up to $400 and couples up to $800, which has been added in small increments to workers’ paychecks since April.

The Treasury Department’s report said, that taxpayers holding down more than one job, are married with both spouses working, or are retired and receiving Social Security benefits, while also earning taxable wages, are most at risk for owing unexpected taxes on their Federal tax returns this spring.

More than 15 million taxpayers are estimated to owe unexpected taxes on the stimulus tax credit.

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4 Responses to “Report: 15 Million May Owe Taxes on Stimulus Tax Credit”

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    […] (ChattahBox)—The Making Work Pay tax credit, issued to taxpayers under the stimulus package last February, may bring some Americans an unwelcome surprise when the time arrives to prepare their tax returns. A new report released by the Treasury …Read Original Story: Report: 15 Million May Owe Taxes on Stimulus Tax Credit – ChattahBox […]

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    […] (ChattahBox)—The Making Work Pay tax credit, issued to taxpayers under the stimulus package last February, may bring some Americans an unwelcome surprise when the time arrives to prepare their tax returns. A new report released by the Treasury …Read Original Story: Report: 15 Million May Owe Taxes on Stimulus Tax Credit – ChattahBox […]

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