Child tax credit

Hello

I'm confused about how the child tax credit will work on the 2003
tax forms. I received a prefund. Will I still be eligible for the
$600-per-child credit or is it subtracted from that? Anyone know?

Thanks for any info

Tamara

"Tamara" wrote in message
...

Hello

I'm confused about how the child tax credit will work on the 2003
tax forms. I received a prefund. Will I still be eligible for the
$600-per-child credit or is it subtracted from that? Anyone know?

Thanks for any info

Tamara

If I read it right, those of us who received the advance are still eligible
for the full $600 credit. I will, however, go back to the IRS site and
reread it just to make sure.

Angela

"Tamara" wrote in message
...

Hello

I'm confused about how the child tax credit will work on the 2003
tax forms. I received a prefund. Will I still be eligible for the
$600-per-child credit or is it subtracted from that? Anyone know?

Thanks for any info

Tamara

This is what I found:

12. If I receive the advance Child Tax Credit payment will I get a smaller
refund than last year?

Assuming your income and number of qualifying children remain the same, your
2003 refund shouldn’t be smaller than your 2002 refund because of your
advance payment. That’s because the advance payment is the same amount as
the increase in the value of the credit. The law simply gives you this
increase now, rather than having you wait until next year for a bigger
refund. When you figure the Child Tax Credit on your 2003 return, you will
subtract the amount of your advance payment check from the $1,000-per-child
total, generally leaving you with the same $600-per-child credit that you
had in 2002.



Angela

"Dizzysmamma" wrote in message
news:92Ssb.141861$275.429253@attbi_s53...

"Tamara" wrote in message
...

Hello

I'm confused about how the child tax credit will work on the 2003
tax forms. I received a prefund. Will I still be eligible for the
$600-per-child credit or is it subtracted from that? Anyone know?

Thanks for any info

Tamara

If I read it right, those of us who received the advance are still
eligible
for the full $600 credit. I will, however, go back to the IRS site and
reread it just to make sure.

Angela



I believe that's correct, too. The $600 is an advance on your 2003 refund.
You'd file as you normally would, the IRS just sent a portion of the refund
early.

Take care, Peggy

In article ,
says...

Hello

I'm confused about how the child tax credit will work on the 2003
tax forms. I received a prefund. Will I still be eligible for the
$600-per-child credit or is it subtracted from that? Anyone know?

Thanks for any info

Tamara


I had this bookmarked:

Child tax credit checks should arrive soon - if you qualify
http://www.usatoday.com/money/perfi/...ck/2003-07-28-
ym_x.htm

Here's the important part: "Don't throw the notice away. You'll
need it when you file your 2003 returns, says Charles Petz, vice
president of TaxBrain. Your 2003 tax returns will include a
worksheet where you'll be asked to reduce the $1,000 child tax
credit by the amount of your advance payment."

And here's some related good news from the Yahoo news board today:

Tax refunds expected to jump 27%
http://story.news.yahoo.com/news?tmpl=story&cid=676&e=5
&u=/usatoday/20031114/ts_usatoday/11952445

"Tamara" wrote in message
...

Hello

I'm confused about how the child tax credit will work on the 2003
tax forms. I received a prefund. Will I still be eligible for the
$600-per-child credit or is it subtracted from that? Anyone know?

Thanks for any info

Tamara

Aww... My child tax credit is peanuts compared to that.

Just curious....Is that $600 for the year? I'm a Canadian and just curious.

"Rhonda" wrote in message
om...
Just curious....Is that $600 for the year? I'm a Canadian and just
curious.

Yep.

Angela

"Dizzysmamma" wrote in message
news:I3Vub.188133$mZ5.1367456@attbi_s54...

"Rhonda" wrote in message
om...
Just curious....Is that $600 for the year? I'm a Canadian and just
curious.

Yep.

Angela

$600 for the year??? Holy crap. I get $461 a month for 2 children. Then
again, I don't get any child support, I wonder if that's taken into account
in the governments calculation.

Christine

"CME" wrote in message
news:dEXub.63695$1K.14028@edtnps84...

"Dizzysmamma" wrote in message
news:I3Vub.188133$mZ5.1367456@attbi_s54...

"Rhonda" wrote in message
om...
Just curious....Is that $600 for the year? I'm a Canadian and just
curious.

Yep.

Angela

$600 for the year??? Holy crap. I get $461 a month for 2 children. Then
again, I don't get any child support, I wonder if that's taken into
account
in the governments calculation.

Christine

Its a once a year tax credit and if I read the passage right its actually
$1000US and what you're supposed to do is subtract the amount of the advance
from that amount and that is what your credit would be for the year. I know
that for those who qualify for EIC - Earnd Income Credit, there is a form
they can file to have that split up over the year but I don't believe it can
be done for the Child Tax Credit. Many people received an advance on the
CTC due to the slow economy. We did and it payed the electric bill for that
month.
There are also those who receive Aid to Families with Dependent Children
which is basically welfare but it has to be paid back. Usually by the
non-custodial parent.

Angela