child tax credit refund???

Momma_Bird_OHJuly 30, 2003

I've heard bits and pieces on the news...what is this? Is it only for low income, or does any US taxpayer with kids get $400 refund check per kid this year? Sorry to sound so ignorant, I rarely pay attention to the news because it just brings me down.

Thanks!

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Billl

Actually, the only people excluded in the plan right now are low income. The current plan raises the child deduction $400, so if you have kids, you most likely have a refund in your future.

    Bookmark   July 31, 2003 at 9:23AM
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luvmybulbs

That's right, the low income are excluded, my sister could definately use it right now for her 2 boys and they didn't make enough $$$$ last year!

    Bookmark   August 1, 2003 at 1:16PM
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Momma_Bird_OH

Thanks for the info. Does anyone know when the checks are supposed to come out?

    Bookmark   August 1, 2003 at 5:17PM
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cowboyind

My brother got a letter today telling him that his refund would soon be on the way. I'll bet you'll get one soon as well. They are probably doing this on a "rolling" basis the way they did those other refunds a couple years back.

Ken

    Bookmark   August 2, 2003 at 12:32AM
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trippyc

Momma Bird: I saw your question on the other forum, and posted there as well. The IRS website will tell you if you are getting a check.

Here is a link that might be useful: Where's My Advance Child Tax Credit?

    Bookmark   August 2, 2003 at 1:31AM
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kittiemom

Low income?? The following is from the IRS website:

Not All Are Eligible
Some taxpayers with children are not eligible for the advance payment, including:

The Child Tax Credit begins to phase out for taxpayers with modified adjusted gross income above:

$110,000, if married filing jointly
$55,000, if married filing separately, or
$75,000, for all others.

I don't think this is low income!

    Bookmark   August 2, 2003 at 10:08PM
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Momma_Bird_OH

trypic - thanks for posting the link! We do qualify (praise God) and our check was supposedly mailed Aug 1. Yipee!

    Bookmark   August 3, 2003 at 12:41PM
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Billl

Better reread the law kittiemom - there is also a minimum salary cap.

    Bookmark   August 3, 2003 at 3:40PM
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tinatark

The refund is an early payment of the increased child tax credit you deduct when you do your 2003 taxes next year. It is not being paid to people who do not "pay" taxes.. ie, their "refund" is actually "credit".

If you don't get the max per child ($400) but when you do your taxes, find your income has increased enough to get the max deduction,you can get it when you do your taxes in Jan. If you shouldn't have received it and do anyway, you get to keep the $$. Remember the headaches and confusion caused by the last tax rebate?! Keep your letter with your tax stuff! You'll need it in January!

I got mine Saturday 7/26, my sister got a letter this past Friday saying hers was coming, but she hasn't received it yet. They can use it, surely... their income is above the threshold to get earned income credit, but really too low to support a family of 5.

    Bookmark   August 4, 2003 at 10:31PM
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