Comments on: When Work Pays Twice – Schedule M and the Making Work Pay Credit

By: cp

cp — Thu, 16 Feb 2012 19:05:54 +0000

you are absolutely right B Coleman. The amount of tax sheltering for the rich compared to everyday people is staggering. I knew two ex-Wallstreet people that use to laugh about how they tucked away 1 million tax free because it was in a college savings account. Their kids went to state schools. At most they needed $100K for college.

By: B COLEMAN

B COLEMAN — Sun, 29 Jan 2012 14:43:26 +0000

Those of us who are retired and not paying into ss get nothing and the ss increase is nothing compared to the increase in living cost. FOR ME AND MY WIFE NO SCHEDULE M MEANS $800 DOLLARS MORE IN TAXES WHILE ROMNEY PAYS ONLY 13.9%–WHAT A GREAT COUNTRY.

By: TurboTaxLisa

TurboTaxLisa — Wed, 28 Dec 2011 17:58:24 +0000

Hi R Winterhalter,
You did not receive schedule M generated with you 2011 TurboTax, because the Making Work Pay Credit expired December 31, 2010. Congress approved the payroll tax holiday for 2011, which reduced the amount of Social Security taxes taken out of your pay from 6.2% to 4.2%. The payroll tax holiday was set to expire 12/31/2011, however Congress just extended it until the end of February 2012 until a longer term solution is approved. You will no longer see the credit or schedule M on your tax return. You will just see bigger pay checks until the end of February(and hopefully longer)since the social security tax was reduced.
Thank you,
Lisa Greene-Lewis

By: R Winterhalter

R Winterhalter — Tue, 27 Dec 2011 20:51:15 +0000

I did not get schedule m generated with my 2011 turbotax. where do I find the check box for I did not receive a economic recovery payment?