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Schedule M is a tax form that calculates and determines the amount of Making Work Pay and Government Retiree Credits that a taxpayer is eligible for. These credits can significantly increase the taxpayer's tax refund, making Schedule M an important form to file for maximizing refunds.
Taxpayers who have earned income from wages, self-employment, or certain disability benefits are eligible to file Schedule M. However, those who are claimed as a dependent on someone else's tax return are not eligible to file this form.
To fill out Schedule M, you will need your Form W-2, Form 1099-R (if applicable), and any other forms that show earned income. You may also need information about any Making Work Pay or Government Retiree Credits you received during the tax year.
The deadline for filing Schedule M is the same as the deadline for filing your individual income tax return, which is typically April 15th. However, if you are filing for an extension, you have until October 15th to file Schedule M.
Schedule M can be filed electronically using tax preparation software or through a tax professional. It can also be filed by mailing a paper copy to the IRS along with your tax return. Be sure to follow the instructions carefully and include all necessary forms and documentation.