Form 1040 Schedule M PDF Details

The 1040 Schedule M form is a vital document for taxpayers looking to claim the Making Work Pay Credit, a provision designed to put more money in the pockets of working Americans. Originating from a commitment to stimulate the economy, this credit allows individuals and married couples filing jointly to potentially reduce their tax liability, contingent upon their earnings and specific criteria laid out by the Internal Revenue Service. Eligibility hinges on several factors including the presence of a social security number for each filer and the absence of certain financial and situational disqualifiers—such as being claimed as a dependent by another taxpayer or receiving income in forms that do not qualify. The form requires filers to calculate their credit based on their earnings, with a cap that differs for single and joint filers, and adjust this amount based on any economic recovery payments received within the tax year. This concise documentation must be attached to either Form 1040A or 1040, thereby integrating into the broader process of federal tax filing. It underscores the government's effort to reward work and support taxpayers, especially during challenging economic periods. Free support for preparing and filing this form is available, emphasizing the accessibility and encouragement for eligible taxpayers to take advantage of potential financial benefits.

QuestionAnswer
Form NameForm 1040 Schedule M
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names1010c, sba form 1010c, sba 1010c, schedule m

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SCHEDULE M

Making Work Pay Credit

 

OMB No. 1545-0074

(Form 1040A or 1040)

 

2010

 

 

 

 

 

 

 

Department of the Treasury

 

 

 

Attachment

Internal Revenue Service (99)

Attach to Form 1040A or 1040.

See separate instructions.

 

Sequence No. 166

Name(s) shown on return

 

 

Your social security number

 

 

 

 

 

!

CAUTION

!

CAUTION

To take the making work pay credit, you must include your social security number (if filing a joint return, the number of either you or your spouse) on your tax return. A social security number does not include an identification number issued by the IRS. Only the Social Security Administration issues social security numbers.

You cannot take the making work pay credit if you can be claimed as someone else's dependent or if you are a nonresident alien.

Important: Check the “No” box on line 1a and see the instructions if:

(a)You have a net loss from a business,

(b)You received a taxable scholarship or fellowship grant not reported on a Form W-2,

(c)Your wages include pay for work performed while an inmate in a penal institution,

(d)You received a pension or annuity from a nonqualified deferred compensation plan or a nongovernmental section 457 plan, or

(e)You are filing Form 2555 or 2555-EZ.

1a Do you (and your spouse if filing jointly) have 2010 wages of more than $6,451 ($12,903 if married filing jointly)? Yes. Skip lines 1a through 3. Enter $400 ($800 if married filing jointly) on line 4 and go to line 5. No. Enter your earned income (see instructions) . . . . . . . 1a

bNontaxable combat pay included on line 1a

 

(see instructions)

1b

 

 

 

2

Multiply line 1a by 6.2% (.062)

 

2

3

Enter $400 ($800 if married filing jointly)

 

3

4

Enter the smaller of line 2 or line 3 (unless you checked “Yes” on line 1a)

5

Enter the amount from Form 1040, line 38*, or Form 1040A, line 22 . .

 

5

6

Enter $75,000 ($150,000 if married filing jointly)

6

7Is the amount on line 5 more than the amount on line 6?

 

No. Skip line 8. Enter the amount from line 4 on line 9 below.

 

 

Yes. Subtract line 6 from line 5

7

8

Multiply line 7 by 2% (.02)

9

Subtract line 8 from line 4. If zero or less, enter -0-

10Did you (or your spouse, if filing jointly) receive an economic recovery payment in 2010? You may have received this payment in 2010 if you did not receive an economic recovery payment in 2009 but you received social security benefits, supplemental security income, railroad retirement benefits, or veterans disability compensation or pension benefits in November 2008, December 2008, or January 2009 (see instructions).

No. Enter -0- on line 10 and go to line 11.

Yes. Enter the total of the payments you (and your spouse, if filing jointly) received in 2010. Do not enter more than $250 ($500 if married filing jointly) . . . . . . . . . . . .

11Making work pay credit. Subtract line 10 from line 9. If zero or less, enter -0-. Enter the result

here and on Form 1040, line 63; or Form 1040A, line 40 . . . . . . . . . . . . . .

*If you are filing Form 2555, 2555-EZ, or 4563 or you are excluding income from Puerto Rico, see instructions.

4

8

9

10

11

For Paperwork Reduction Act Notice, see your tax return instructions.

Cat. No. 52903Q

Schedule M (Form 1040A or 1040) 2010

 

How to Edit Form 1040 Schedule M Online for Free

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For you to complete this document, make certain you provide the necessary details in every single field:

1. Complete your sba form 1010 with a selection of major blank fields. Get all of the necessary information and ensure not a single thing omitted!

Writing part 1 in irs form 1040a

2. Once your current task is complete, take the next step – fill out all of these fields - Go to wwwFreeTaxUSAcom to start with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

Completing part 2 of irs form 1040a

3. This 3rd part is generally rather simple, Department of the Treasury, Names shown on return, cid Attach to Form A or cid See, Attachment Sequence No, Your social security number, CAUTION, CAUTION, To take the making work pay credit, You cannot take the making work, Important Check the No box on line, a You have a net loss from a, and Do you and your spouse if filing - all these form fields has to be filled in here.

Department of the Treasury, CAUTION, and Important Check the No box on line of irs form 1040a

4. The next subsection requires your input in the subsequent parts: b Nontaxable combat pay included, see instructions, Multiply line a by, Enter if married filing jointly, Enter the smaller of line or line, Enter the amount from Form line, Enter if married filing jointly, Is the amount on line more than, No Skip line Enter the amount, Multiply line by, Subtract line from line If zero, and Did you or your spouse if filing. Be sure to fill in all requested details to move onward.

Tips on how to prepare irs form 1040a step 4

5. To wrap up your form, this last area requires several additional blanks. Completing No Enter on line and go to line, not enter more than if married, Making work pay credit Subtract, here and on Form line or Form A, If you are filing Form EZ or or, For Paperwork Reduction Act Notice, Cat No Q, and Schedule M Form A or will certainly conclude the process and you're going to be done before you know it!

irs form 1040a completion process clarified (step 5)

Concerning No Enter on line and go to line and For Paperwork Reduction Act Notice, be certain you do everything correctly in this current part. The two of these are certainly the most important ones in this document.

Step 3: After rereading the entries, press "Done" and you are good to go! After setting up afree trial account here, you will be able to download sba form 1010 or send it through email directly. The PDF file will also be accessible through your personal account page with your changes. FormsPal guarantees your information confidentiality with a protected system that never records or shares any personal data used. Be assured knowing your docs are kept confidential any time you work with our service!