TAX CREDIT MAY HAVE BEEN TOO BIG

Remember the increase in your paycheck back in April? This was because instead of sending you a $400 check the government decided to just decrease your withholding. What did that mean? Just less withheld.

I said at that time that you might have to pay for this additional money when you file your return because your withholding was less, therefore your refund would be less or, heaven forbid you might actually have to pay in. Well now the government has figured this out. Below is an article from Money.

Tax credit may have been too big for some recipients
As many as 15.4 million tax filers may have received too much under the Making Work Pay tax credit, the Treasury Department says. As a result, those people will get a smaller refund or may even have to repay some of the over-payments when they file their 2009 taxes. The tax credit was part of the stimulus package passed in February. CNNMoney.com (11/17)