New tax cut

[Poohbear123]

What about if I claimed my children last year, and they are in College? I would LOVE to have some Disney Money too!

 

[Jeafl]

I'm confused...if you are married filing jointly, you get nothing if your combined income is more than $110,000 or $75,000? I've read it both ways.

 

[thinkerbell]

OK. My son turned 17 in Feb. of this year. Would he qualify? I am also interested in the college age dependant situation as I have one of those too.

 

[Pembo]

I knew there was a good reason to have 3 kids! If we get $400 a head, I'm way ahead on my savings for our 2004 Disney trip! Woo-hoo!!!!!!!!!!!

 

[hmp2z]

Only in the good ole USA - people get rewarded for breeding...

 

[Pembo]

Only in the good ole USA - people get rewarded for breeding...

LOL! Yes, if this was China it would be a different story..........

 

[bumcat]

they have to be under age 17 as of the end of 2002 so college kids dont count unless they were under 17, lucky me I still have two that's not in college, have one in college.

 

[mom2boys]

Clarification:

Dependent children must be under 17 on December 31, 2003 to qualify for the child tax credit. The $400 per child is an advance on your 2003 credit. However, IRS will use the information on your 2002 income tax return to determine who gets a check in the mail prior to October 1. (So you won't receive a check for anyone born in 2003 but will get the full credit when you file your 2003 tax return.)

For 2002, the child tax credit started to phase out at $110,000 in adjusted gross income.

 

[wdwnutze]

Thanks for answering bumcat. I have 2 other kids that are under 17. Sure do wish they gave a cut for those in college.

 

[chell]

Since my husband acts like a kid most of the time, do I get $ for my Disney trip also? Well, I should! I've earned it by living with an adult child!!!!

 

[ghcoughlin]

I see a few Park Hoppers in our future with our tax rebate DH and I were excited to hear this got voted through.We will do our patriotic duty to stimulate the economy and off to WDW we go Back after 9/11 and the President said to go somewhere,Disney World we also did what any good American would do... go to WDW ha ha ha

Heidi

 

[joeokw]

Darn... I have a question.. if your AGi for married couple is over 110,00 is the tax rebate nothing or if it is reduced? I hope I can get somthing..

 

[joeokw]

alright!! I just went to a 5/22/03 AP article.. it says married couples that have AGi of above 110,000 will get a somthing.... yay

 

[browneyes]

Does anyone know if there's a number or a website where you can check to see how much and when you'll get this? We got exactly 0 for the last tax cut that went around.

Originally posted by hmp2z
Only in the good ole USA - people get rewarded for breeding...

I get rewarded for breeding every time my son or my daughter tells me he or she loves me.

 

[ncligs]

Originally posted by joeokw
alright!! I just went to a 5/22/03 AP article.. it says married couples that have AGi of above 110,000 will get a somthing.... yay

 

[joeokw]

yes. 110,000 in the New york city area.. does not go too for.. my 2000 sq foot house goes for 500,00 dollars... I pay 130.00 / month... apiece to park our cars. at work ( this is the subsidized union rate).plus we pay 6 dollars to go the George Washington Bridgever the bridge 26 times a month to get to work.. we pay 8,000 real estate taxes, 8,800 state payroll tax/ year.. our federal tax bill was 13,560 last year I work lotsa of overtime to make sure we are not in debt. If you look at salary dot.com If we lived in ohio.. we will need only 82500/ year to live. on . so if everyone thinks that 110,000 a year is wealthly people who live in the Northeast may disagree

 

[mom2boys]

Depending on how many qualifying children you have & how much over $110,000 your AGI is, you may still qualify for a reduced child tax credit. So you might still get a check. Here's how it works:
The child tax credit is phased out by $50 for each $1,000 (or fraction thereof) of AGI above the phase-out ($110,000 for MFJ). The AGI where the credit is completely pahsed out depends on the number of qualifying children.
The 2002 phase-out begin at $110,000 (for married filing joint). Once your AGI reaches the ending phase-out you get $0 in tax credit.
For 2002 the ending phaseouts were:
1 child $121,001
2 children $133,001
3 children $145,001
4 children $157,001
5 children $169.001

 

[6_Time_Momma]

If it is like the one last time, I don't think we will get it. It is based on last years taxes. Last year, we were only making 1/2 of what we are making this year, so with the credits that were already in place, we paid $0 taxes. This year, of course, is a different story, but I don't think we will get a check. We'll have to wait until we file our taxes to see the benefit.

Oh well, easier to save for Florida trip getting it in February! If I get it this summer it will be gone!!

 

[Mark P.]

Need a little clarification please...

As I understand it now, the $400 will be an advance for the upcoming tax season. I originally thought it was retro from last year's return.

My (dumb) question is; In the upcoming tax season next year, will the Child Tax Credit be $1,000 per child? I did read that it will be going back to $700 in 2005 and go up each year, as the original plan called for.

Thanks

 

[ncligs]

Originally posted by joeokw
if you look at salary dot.com If we lived in ohio.. we will need only 82500/ year to live. on . so if everyone thinks that 110,000 a year is wealthly people who live in the Northeast may disagree

Joe,

I think you misunderstood my clapping response, I was referring to your post about people in the $110,000 bracket will be getting some sort of refund. Thats the same bracket we are in. Sorry for the confusion.