Tax Return question...Form 1040 Schedule M

[dfchelbay]

My SIL just called about a Schedule M for her tax return. Off the top of my head, all I can remember is that was something done last year. Is that being done again. All I can remember is that workers were given this credit last year.

Can anyone help me remember any of this? I don't have any of my records in front of me and its bugging me that my memory is so vague about this. I looked at the form online and it still doesnt trigger my memory...lol.

What is this Schedule M all about?

 

[disneychrista]

Schedule M is the making work pay tax credit. $400 for individuals & $800 for couples.

 

[SarahJN]

Schedule M is the making work pay tax credit. $400 for individuals & $800 for couples.

Ditto. The credit is phased out at certain income levels though.

 

[dfchelbay]

Thanks for the responses, but I'm afraid I'm no further along with this...lol. Guess I just don't understand why you would file it, or who would file it. Since she filed it last year, I would assume she would file it again. I just feel bad that I am of no help to SIL with this. The instructions don't even explain who would file it.

 

[deva]

Thanks for the responses, but I'm afraid I'm no further along with this...lol. Guess I just don't understand why you would file it, or who would file it. Since she filed it last year, I would assume she would file it again. I just feel bad that I am of no help to SIL with this. The instructions don't even explain who would file it.

If they had wages, they should complete and file Sch M. It does phase out for high income earners. If they got the credit last year they will likely get it again (unless they got big bonuses/raises)

 

[disneychrista]

Guess I just don't understand why you would file it, or who would file it.

You file it to get the credit. Everyone who worked should file it.

You won't have to worry about it next year, since the tax credit was only good for 2009 & 2010.

 

[dfchelbay]

Thanks, I'll email a link to this thread for her to read.