“If only one spouse works do I still qualify for the full $800 “Making Work Pay Credit”?
The answer, in MY CASE is yes, because:
We are Married filing Jointly. Single filers max out at $400.
We make less than $150,000. Credit starts phasing out over this amount for Married Joint filers.
My husband held only one job in the 2009 tax year. Having more than one job may result in the credit being withheld from both paychecks.
Because this a CREDIT on the amount of tax you owe, it may even give you refund even if you do not owe federal taxes.
I’m having a hard time wrapping my head around the fact that we qualify for the full $800. I mean I’m not complaining, just a little shocked. This is the first cash value I’ve ever received for being a stay at home parent.
But it doesn’t even matter if we have kids or not. We would still qualify if we were childless and I did not work – because we are married.
I mean highly doubt those who are legality entitled to get married would choose to do so for $400. Especially considering there is no longer a Marriage-Tax penalty.
But I’m surprised this hasn’t opened a bigger can of worms in the endless tax fairness debate…