Bush's Tax Credit Only Apply's to Children born after 12/31/86!!

[tink2dw]

Pooh pooh pooh!! Dd is 6 month's too old!! Even though we were eligible to take her as a tax credit last year!!

Don't count your chicken's before they are hatched!!

 

[cinlee3]

I just found this out too. I have one that will turn 18 next month and we could really use it for him - starting college. I don't really understand the reasoning on that. Will we not be able to claim him on next years tax return?

 

[tink2dw]

I was told by tax preparer that you can't claim child after they turn 17?? Still don't get it?? from 17 to the end of college will be most expensive time of their lifes???

 

[MermaidsMom]

It's "our" tax credit.

 

[clhcpaca]

ink2wdw: You really need to recheck with your tax preparer. A child of the taxpayer can be a dependent (there's no gross income test) until age 19, and if a student until she/he reaches 24 by the end of the calendar year---in other words age 23.

A child must be under 17 at close of calendar year in order for the parents to get the child tax credit of $600. So, maybe that's where your tax preparer got the 17 years.

No child tax credit after 17, but you do get a personal exemption for the child until 19 and if a student until 23.

HTH, Cindy

 

[GRAYWIFE]

clhcpaca: you are exactly right...everything you stated is correct.

tink2dw: I think it stinks too! My 19 year old costs me more now that she ever did...high school tuition was more than our share of college expenses (she received several merit based scholarships, thank goodness!) but she has living expenses that she didn't have when she was home with us!!

At least I have 12 more years I will receive the credit for Sydney who just turned 5!!

 

[smart cookie]

Originally posted by GRAYWIFE


My 19 year old costs me more now that she ever did...

true, but 19 year olds are adults...besides, that is why the govt. came up with the education tax credits to help at taxtime, offseting the costs of getting an education.

 

[Michelemouse]

This tax credit is actually an advance on next year's per-child allowance. Maybe that has something to do with it.

 

[disneefamily]

Disnee Dad Says..............................Michelemouse, you have hit the nail on the head.

It is an advance for the child credit for 2003, so if the child doesn't qualify in 2003, no dough.

As posted earlier, older kids still qualify as exemptions as long as they meet a couple tests.

Don't use the tax code for long term planning. The $1000 child credit only lasts two years, unless "they" decide to extend it. If they don't, it reverts to prior legislation where it won't get back to $1000 till 2008 or 2009.

Same thing with the $250,000 exemption when you sell your house. If you want to take advantage, don't plan to do it in ten years, do it in the next couple of years.

It will be real easy for "them" to say, "Hey these shortfalls need to be covered, can't cut any programs, so lets knock that $250,000 exemption down to (insert figure here).