Schedule M could be worth $400

 

Anybody who earned wages needs to file this form, or risk paying too much in taxes

You’d better use a really good tax preparer. Otherwise, you’re gonna leave a big green bundle on the table.

 There’s a new Schedule M that anybody with wages should file.

 It allows you to claim the “Making Work Pay” credit of up to $400 ($800 on a joint return). That’s another $400 (or $800 for couples) right back in your pocket.

If you don’t claim the credit, your reduced withholding could have you owing the IRS as much as an additional $800.

If you have no earned income but are receiving Social Security, SSI railroad retirement, or veteran disability compensation benefits, your credit is $250. A retired federal employee also qualifies for the $250 credit ($500 on a joint return if both spouses are eligible).  The regular Making Work Pay credit is good for 2009 and 2010.

But you’ve got to file the new Schedule M.