MAKING WORK PAY CREDIT
Have you worked during 2009.There is good news for you.File the new schedule M,to claim $800,in case of married couple and $400 for others.Certain conditions apply.
Thus a married couple whose earned income is $12903 or more, can receive $800, the max amount.For other categories,the credit is $400 max, if the earned income is $6451 or more. Other taxpayers whose MAGI is more than $75,000 but less than $95,000,may claim reduced amount.
Making Work Pay Credit is refundable.You still get the credit even if you owe no taxes.Credit for self-employed will be based on the net profit or loss received from a business or farm.
Anyone who can be claimed a dependent by someone is not eligible. Non Resident Aliens and those not having a Social Security number,are not eligible to claim the credit.
GOVERNMENT RETIREE CREDIT
This credit provides benefit equivalent to the economic recovery payment to those government retirees who did not qualify for these payments.
Retired federal,state or local government employees who receive pensions in 2009, based on work not covered by Social Security, are eligible to claim this credit.
The credit is $250. For joint filers the credit is $500 if both spouses are retired government employees who receive pensions based on work not covered by Social Security.
The credit cannot be claimed by an individual if he or she received an economic recovery payment during 2009.
For Detailed Instructions See: Schedule M
