skip to main content

Household Finances

child tax credit refund???

23 years ago

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!

Sort by:Oldest

Comments (9)

Billl
23 years ago
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.
luvmybulbs
23 years ago
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!
Related Discussions
child tax credit for veteran on disability and social security
Q
Comments (5)
The child tax credit is refundable under some circumstances. eg the IRS can send you a check. If you do your own taxes, you'll need IRS form 8812. The rules seem a bit complicated though so you might want to have a professional look at your taxes at least once. Many of the tax prep companies offer discounted services to vets. If you don't have money for that, you should check out the IRS Volunteer Income Tax Assistance Program. They have a whole section devoted to military personnel.
...See More
child tax credit, age 17 cutoff
Q
Comments (51)
I know it is unpopular to those with low income to be hit with a flat 10% income tax but consider this. I have seen that people are more invested in something and the outcome when they have a personal investment. If you are paying 10% of your hard earned income as Federal income tax, you will be more concerned about how those dollars are spent. You will tend to vote more, take the time to research where the money is going, etc. . . because of the impact it has on your income. It truly is your government and your country when you own part of it. I say this from a perspective of helping those in need and seeing the difference between those who have no problem getting a hand out and those who prefer a hand up. Economically I think a flat 10% income tax across the board would surprise people with how much more revenue would come in to pay a balanced budget required to be passed and approved October 1 each year instead of pushed back until January and then again depending on the politics at the time. The tax should perform its function of supporting the government and not be used for something it is not intended to accomplish which is social reform or social adjustments. The budget should be finalized by October 1 period, end of story. No budget no government until one is approved.
...See More
Poll re Income Tax: are you expecting a substantial refund??
Q
Comments (29)
We have Vannie and Kelly beat.We will be giving the IRS $18,000.! See what I mean about almost enough to buy a new car? LOL Talk about Ouch! All because we were fortunate enough to inherit oil property from in-laws in 81 and were even more fortunate to be able to sell last year at a very good price.We have paid an average of $3000. every year since in taxes on the oil royalties on 2 producing wells,plus about $1200. a year in property taxes.I think it is a little unfair to have to pay 18% taxes on that one time windfall but that's the way it is.So much for being one of those "rich" Texas oil people! LOL
...See More
Say you got a nice little tax refund..
Q
Comments (26)
I want a great big fat check. If I got one, I'd buy this rundown big old Southern house in Macintosh, a town halfway between Ocala and Gainesville. I see it every time we go to VA and it's in just terrible shape. It's a big 2-story place with pillars and a big front porch. The lot stands on a hill and has the most beautiful old oak trees on it. It needs someone to love it and I sure wish we could be the ones. Harry and I did/redid an old house very similar to what Marilyn c is doing now and I love reading her posts so I can sort of relive the experience. It was a lot of work and hours and the most fun we ever had. I'd love to do it again, even though I didn't have a fingernail for years! :-) Of course I can say how much fun it was NOW! Such a nice dream!
...See More
Momma_Bird_OH
Original Author
23 years ago
Thanks for the info. Does anyone know when the checks are supposed to come out?
cowboyind
23 years ago
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
trippyc
23 years ago
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?
kittiemom
23 years ago
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!
Momma_Bird_OH
Original Author
23 years ago
trypic - thanks for posting the link! We do qualify (praise God) and our check was supposedly mailed Aug 1. Yipee!
Billl
23 years ago
Better reread the law kittiemom - there is also a minimum salary cap.
tinatark
23 years ago
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.

Related Stories

HOUZZ TOURS Houzz Tour: Zero-Energy Renovated Victorian in San Francisco

By Vanessa Brunner

A 1904 home that's entirely energy efficient? Yes, courtesy of solar panels, radiant heating and water reclamation

HOME OFFICES Paperless Home Offices Show Reams of Style

By Bneato Professional Organizing

If pesky piles of paper are ruining your interior design — not to mention a forest or two — it may be time to take the paperless plunge

MOST POPULAR Organizing? Don’t Forget the Essential First Step

By Laura Gaskill

Simplify the process of getting your home in order by taking it one step at a time. Here’s how to get on the right path

ORGANIZING Want to Streamline Your Life? Get a System

By Glamour Nest

Reduce stress and free up more time for the things that really matter by establishing specific procedures for everyday tasks

GREEN BUILDING Let’s Clear Up Some Confusion About Solar Panels

By Mariana Pickering (Emu Building Science)

Different panel types do different things. If you want solar energy for your home, get the basics here first

HOUZZ TOURS 13 Character-Filled Homes Between 1,000 and 1,500 Square Feet

By Mitchell Parker

See how homeowners have channeled their creativity into homes that are bright, inviting and one of a kind

HOUZZ TOURS A New Community Flourishes in Rhode Island

By Becky Harris

Innovative affordable housing project offers new ideas for living with agriculture, art and each other

ORGANIZING Get Organized: Are You a Piler or a Filer?

By Alison Hodgson

Tote out the bins and baskets and learn how to be an organized piler if file cabinets leave you cringing

FUN HOUZZ What Could You Imagine With Lego's New Architecture Kit?

By Mitchell Parker

Go ahead, toy around with wild building ideas. With 1,210 all-white blocks at your disposal, it's OK to think big

ECLECTIC HOMES Houzz Tour: Rebooting a 1930s Bungalow in 3 Days

By Mary Jo Bowling

A design team mixes old and new to upgrade a computer science teacher's home in a flash

Sponsored