15 million owe IRS over tax credit, report says

November 17, 2009

A $400 tax credit provided by the economic stimulus plan may leave more than 15.4 million Americans owing money to the IRS because of under-withholding from their paychecks, an inspector general report said. The IRS said the number will be far lower. The Treasury inspector general for tax administration said many employers advanced more than the $400-per-individual tax credit. Workers will have to return the difference when they file tax returns, and some might have to pay penalties.

- Bloomberg News

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