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#13
08-07-2003, 05:42 AM
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 Re: Child Credit Tax Refund Questions Jake johnson <jake[at]omnimode.com> wrote: - quote - > I didn't know the IRS operated that way.
The situation in question is the doing of Congress,not the IRS. MTW << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#12
08-06-2003, 12:28 PM
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| Re: Child Credit Tax Refund Questions - quote - > > > 2. (a) 2002 Married Joint AGI with two children : $100,000
Ok.. i'll answer my own question. The IRS website in the> > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03(a) > > > (c) 2003 Married Joint AGI with two children = $1,000,000 > > > > > Is the family required to add $800 to the 2003 tax burden, > > > given that they do not qualify for the tax credit in 2003? > > Nope. But they will use $600 per child, not $1,000. > I'm not clear on this. They don't qualify for the credit in > 2003. I'd think the advance payment may not need to be added > to the tax liability as the poster suggested, but it would > be added to income, correct? > thanks. FAQ for this Child Credit Tax Advance payment notes that you apply this advance against what your credit is, but if its less than the advance you don't have to pay it back. Pretty nice... I didn't know the IRS operated that way. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#11
08-06-2003, 11:50 AM
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| Re: Child Credit Tax Refund Questions "Harlan Lunsford" <hlunsfordnoway[at]bellsouth.net> wrote: - quote - > Arthur Kamlet wrote:
Apparently so did Kobe Bryant, at least according to him.> > Arthur Kamlet <ArtKamlet[at]REMOVE.com> wrote: > > > 46g4wB2 <46g4wB2[at]att.net> wrote: > > > > Child Credit Tax Pre-Refund Questions under two scenarios: > > > > > > > 1. (a) 2002 Married Joint AGI with two children : $100,000 > > > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03 > > > > (c) 2003 Married Joint AGI with two children = $1.00 > > > > > > > Does the family get to keep the $800 for 2003 even though > > > > they owed no tax? > > > No. > > I sometimes have a funny way of writing YES! > > > Sorry, misread the question. Answer, of course, is yes you > > keep it. > Hmm... yes.. okay now. "no" means "yes". I think I met a > girl who said that once. -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#10
08-05-2003, 09:37 PM
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| Re: Child Credit Tax Refund Questions Arthur Kamlet wrote: - quote - > Arthur Kamlet <ArtKamlet[at]REMOVE.com> wrote:
Hmm... yes.. okay now. "no" means "yes". I think I met a> > 46g4wB2 <46g4wB2[at]att.net> wrote: > > > Child Credit Tax Pre-Refund Questions under two scenarios: > > > > > 1. (a) 2002 Married Joint AGI with two children : $100,000 > > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03 > > > (c) 2003 Married Joint AGI with two children = $1.00 > > > > > Does the family get to keep the $800 for 2003 even though > > > they owed no tax? > > No. > I sometimes have a funny way of writing YES! > Sorry, misread the question. Answer, of course, is yes you > keep it. girl who said that once. C$, HL << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#9
08-05-2003, 09:18 PM
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| Re: Child Credit Tax Refund Questions - quote - > > > 2. (a) 2002 Married Joint AGI with two children : $100,000
It's not income.> > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03(a) > > > (c) 2003 Married Joint AGI with two children = $1,000,000 > > > > > Is the family required to add $800 to the 2003 tax burden, > > > given that they do not qualify for the tax credit in 2003? > > Nope. But they will use $600 per child, not $1,000. > I'm not clear on this. They don't qualify for the credit in > 2003. I'd think the advance payment may not need to be added > to the tax liability as the poster suggested, but it would > be added to income, correct? -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
08-05-2003, 09:18 PM
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| Re: Child Credit Tax Refund Questions - quote - > > > 2. (a) 2002 Married Joint AGI with two children : $100,000
The "prefund" check is based on 2002 eligibility. If NOT> > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03(a) > > > (c) 2003 Married Joint AGI with two children = $1,000,000 > > > > > Is the family required to add $800 to the 2003 tax burden, > > > given that they do not qualify for the tax credit in 2003? > > Nope. But they will use $600 per child, not $1,000. > I'm not clear on this. They don't qualify for the credit in > 2003. I'd think the advance payment may not need to be added > to the tax liability as the poster suggested, but it would > be added to income, correct? qualified in 2003, the check is NOT returned, and DOES NOT affect income or taxes for 2003. It is a gift from the government. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
08-05-2003, 08:59 PM
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| Re: Child Credit Tax Refund Questions - quote - > I'm not clear on this. They don't qualify for the credit in
The advance payment is NEVER income. If they do not receive> 2003. I'd think the advance payment may not need to be added > to the tax liability as the poster suggested, but it would > be added to income, correct? the child tax credit due to high income, the advance was just free money to them. If they do receive it, they get $600 per kid, not $1,000. Helen, EA in PA Member of The Tax Gang President, PA Society of Enrolled Agents 1040EZ and 1040A tax prep at www.1040.com/1040pro << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
08-04-2003, 07:29 AM
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| Re: Child Credit Tax Refund Questions - quote - > > 2. (a) 2002 Married Joint AGI with two children : $100,000
I'm not clear on this. They don't qualify for the credit in> > (b) IRS Sends Pre Refund Check for $800 on 7/30/03(a) > > (c) 2003 Married Joint AGI with two children = $1,000,000 > > > Is the family required to add $800 to the 2003 tax burden, > > given that they do not qualify for the tax credit in 2003? > Nope. But they will use $600 per child, not $1,000. 2003. I'd think the advance payment may not need to be added to the tax liability as the poster suggested, but it would be added to income, correct? thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
08-03-2003, 11:01 PM
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| Re: Child Credit Tax Refund Questions Arthur Kamlet <ArtKamlet[at]REMOVE.com> wrote: - quote - > 46g4wB2 <46g4wB2[at]att.net> wrote:
I sometimes have a funny way of writing YES!> > Child Credit Tax Pre-Refund Questions under two scenarios: > > > 1. (a) 2002 Married Joint AGI with two children : $100,000 > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03 > > (c) 2003 Married Joint AGI with two children = $1.00 > > > Does the family get to keep the $800 for 2003 even though > > they owed no tax? > No. Sorry, misread the question. Answer, of course, is yes you keep it. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
08-03-2003, 10:42 PM
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| Re: Child Credit Tax Refund Questions - quote - > 46g4wB2 <46g4wB2[at]att.net> wrote:
Art, they do get to keep it. IRS does not want it back.> > Child Credit Tax Pre-Refund Questions under two scenarios: > > > 1. (a) 2002 Married Joint AGI with two children : $100,000 > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03 > > (c) 2003 Married Joint AGI with two children = $1.00 > > > Does the family get to keep the $800 for 2003 even though > > they owed no tax? > No. Helen, EA in PA Member of The Tax Gang President, PA Society of Enrolled Agents 1040EZ and 1040A tax prep at www.1040.com/1040pro << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
08-03-2003, 10:42 PM
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| Re: Child Credit Tax Refund Questions "Arthur Kamlet" <kamlet[at]panix.com> wrote: - quote - > 46g4wB2 <46g4wB2[at]att.net> wrote:
Answer is yes. They do get to keep it.> > Child Credit Tax Pre-Refund Questions under two scenarios: > > > 1. (a) 2002 Married Joint AGI with two children : $100,000 > > (b) IRS Sends Pre Refund Check for $800 on 7/30/03 > > (c) 2003 Married Joint AGI with two children = $1.00 > > > Does the family get to keep the $800 for 2003 even though > > they owed no tax? > No. -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
08-02-2003, 08:23 AM
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| Re: Child Credit Tax Refund Questions 46g4wB2 <46g4wB2[at]att.net> wrote: - quote - > Child Credit Tax Pre-Refund Questions under two scenarios:
No.> 1. (a) 2002 Married Joint AGI with two children : $100,000 > (b) IRS Sends Pre Refund Check for $800 on 7/30/03 > (c) 2003 Married Joint AGI with two children = $1.00 > Does the family get to keep the $800 for 2003 even though > they owed no tax? - quote - > 2. (a) 2002 Married Joint AGI with two children : $100,000
I have to believe the answer is no.> (b) IRS Sends Pre Refund Check for $800 on 7/30/03(a) > (c) 2003 Married Joint AGI with two children = $1,000,000 > Is the family required to add $800 to the 2003 tax burden, > given that they do not qualify for the tax credit in 2003? __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
08-02-2003, 08:04 AM
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| Re: Child Credit Tax Refund Questions - quote - > Child Credit Tax Pre-Refund Questions under two scenarios:
Yes.> 1. (a) 2002 Married Joint AGI with two children : $100,000 > (b) IRS Sends Pre Refund Check for $800 on 7/30/03 > (c) 2003 Married Joint AGI with two children = $1.00 > Does the family get to keep the $800 for 2003 even though > they owed no tax? - quote - > 2. (a) 2002 Married Joint AGI with two children : $100,000
Nope. But they will use $600 per child, not $1,000.> (b) IRS Sends Pre Refund Check for $800 on 7/30/03(a) > (c) 2003 Married Joint AGI with two children = $1,000,000 > Is the family required to add $800 to the 2003 tax burden, > given that they do not qualify for the tax credit in 2003? Helen, EA in PA Member of The Tax Gang President, PA Society of Enrolled Agents 1040EZ and 1040A tax prep at www.1040.com/1040pro << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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08-02-2003, 08:04 AM
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| Re: Child Credit Tax Refund Questions "46g4wB2" <46g4wB2[at]att.net> wrote - quote - > Child Credit Tax Pre-Refund Questions under two scenarios:
Yes.> Does the family get to keep the $800 for 2003 even though > they owed no tax? - quote - > Is the family required to add $800 to the 2003 tax burden,
No.> given that they do not qualify for the tax credit in 2003? -- Paul A. Thomas, CPA, PC Athens, Georgia taxman[at]negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-01-2003, 10:54 PM
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| Child Credit Tax Refund Questions Child Credit Tax Pre-Refund Questions under two scenarios: 1. (a) 2002 Married Joint AGI with two children : $100,000 (b) IRS Sends Pre Refund Check for $800 on 7/30/03 (c) 2003 Married Joint AGI with two children = $1.00 Does the family get to keep the $800 for 2003 even though they owed no tax? 2. (a) 2002 Married Joint AGI with two children : $100,000 (b) IRS Sends Pre Refund Check for $800 on 7/30/03(a) (c) 2003 Married Joint AGI with two children = $1,000,000 Is the family required to add $800 to the 2003 tax burden, given that they do not qualify for the tax credit in 2003? Thanks << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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