New tax cut

[cats mom]

Sure wish the cut-off age were a little higher.
Did you know that if the child turns 17 in 2003 they are not eligible for the credit?

Also, the credit starts to phase out if your modified AGI is $110,000 or more (thats for a married couple filing jointly)

I wish we were planning a Disney trip with what we will get back but will probably put it into the college fund instead

 

[JMTAPerry]

Hi everyone. I'd been reading this thread and happened to come across this chart on MSN. It might clarify a few things as to who gets what regardless of the child credit.



Who gets what
{Adjusted gross income} [Avg. tax chg.]( Avg. tax rate), /old law Avg. tax rate\, new law % of total tax cut
{<$10,000 } [ -1] (-9.9) /-9.9 \ *
{$10-20,000} [ -56] (-4.0) /-4.4 \ 1.4
{$20-30,000} [ -199] (3.6) / 2.8 \ 3.9
{$30-40,000} [ -326] (7.0) / 6.1 \ 4.7
{$40-50,000} [ -436] (8.7) / 7.8 \ 4.9
{$50-75,000} [ -680] (10.0) / 8.9 \ 13.1
{$75-100,000} [-1,505] (12.2) /10.6\ 15.8
{$100-200,000} [-2,147] (15.9) /14.3\ 21.8
{$200-500,000} [-4,069] (22.8) /21.5\ 9.9
{$500-1 million}[-14,142] (27.5) /25.5 \ 5.7
{>$1 million} [-88,326] (28.7) /25.8 \ 18.7

*Less than 0.05%

Hopes this helps...