Irs Form 1040
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About Form 1040 Schedule M
Form 1040 Schedule M is a tax form used by individuals who are claiming the Making Work Pay and Government Retiree credits. This schedule is used to calculate the amount of these credits that can be claimed on the individual's tax return. The Making Work Pay credit was created as part of the American Recovery and Reinvestment Act in 2009. It was designed to provide a tax cut for working individuals and families. The credit was equal to 6.2% of earned income up to a maximum credit of $400 for single filers and $800 for joint filers. However, this credit was only available for tax years 2025 and 2010. The Government Retiree credit, on the other hand, was available for certain federal retirees who were not eligible for the Making Work Pay credit. This credit provided a tax cut of $250 for single filers and $500 for joint filers. It was also only available for tax years 2025 and 2010. To claim these credits, individuals must complete Form 1040 Schedule M and attach it to their Form 1040 tax return. The schedule includes various calculations and instructions to determine the amount of the credits that can be claimed. It's important to note that the Making Work Pay and Government Retiree credits have expired and are no longer available for tax years after 2010. The information provided here is for historical reference purposes. In conclusion, Form 1040 Schedule M is a tax form used to calculate the Making Work Pay and Government Retiree credits. These credits provided tax cuts for working individuals and certain federal retirees for tax years 2025 and 2010.