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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 |
#2
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Child tax credit
"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 |
#3
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Child tax credit
"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 |
#4
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Child tax credit
"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 |
#5
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Child tax credit
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 |
#6
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Child tax credit
"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. |
#7
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Child tax credit
Just curious....Is that $600 for the year? I'm a Canadian and just curious.
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#8
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Child tax credit
"Rhonda" wrote in message om... Just curious....Is that $600 for the year? I'm a Canadian and just curious. Yep. Angela |
#9
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Child tax credit
"Dizzysmamma" wrote in message news:I3Vub.188133$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 |
#10
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Child tax credit
"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 |
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