"R" <none[at]nowhere.com> wrote:

- quote -

Whomever qualified in 02

- quote -

Not a tax question. Between you and her.

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.

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R wrote:

- quote -


Good New$

keep the check, and it is NOT her property.
Do NOT give it to her.

Cheer$,
Harlan Lunsford, EA in LA

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"R" <none[at]nowhere.com> wrote

- quote -

You do.

- quote -

Yup.

- quote -

Nope.

- quote -

They won't. In fact, she'll get the full $1000 child tax
credit on her 2003 Form 1040 because she ~didn't~ get the
advanced child tax credit.

- quote -

Nope. You don't have to give it back.

What I'd do is buy something for your son. Or still better
yet, invest it for him. Let him pick out a stock and buy
$400 of it.

--
Paul A. Thomas, CPA
taxman[at]negia.net

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R" <none[at]nowhere.com> wrote:

- quote -

My interpretation of the rules is that you can keep the
money and next year your ex-spouse can file for the full
$1000 child tax credit.

I would assume that when the IRS computers get around to
matching the child's SSN to their records, your ex-spouse
might receive some notice to substantiate her claiming the
child as her dependent for 2003. If that same child
qualifies her for Head of Household, the IRS might question
that as well. It is also possible that if and when she
substantiates her claim for 2003, the IRS might question
your dependency exemption for 2002.

Alan
http://taxtopics.net

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"R" <none[at]nowhere.com> wrote:

- quote -

You received a gift from your government. You get to keep
the check and you don't have to pay it back. On your 2003
return you will show zero as your child tax credit. Your ex
will get to claim the full $1000 on her return. Who says
your government has no heart? <g
Don Rosenberg, EA

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R <none[at]nowhere.com> wrote:

- quote -

Relax. No big deal, actually. Happens thousands and
thousands of times each year.

- quote -

WHo gets the check?

You just told us you got the check.

I persnally would keep it.

She will get the full $1000 next year.

- quote -

Nope.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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"R" <none[at]nowhere.com> writes:

- quote -

You get the $400 check, which you do not have to account for
or return, and your ex gets a full $1,000 credit on the 2003
return.

Phil Marti
Topeka, KS

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- quote -

The check is yours, you do not have to sign it over to your
ex or send it back. Now, here is the good part. Your ex
will be able to claim a $1,000 child tax credit when she
files. In your case (one parent claiming one year, the
other the next) your child was worth $800.

Helen, EA in PA
Member of The Tax Gang
President, PA Society of Enrolled Agents
Campaigning for NAEA Board of Directors - Looking for YOUR vote

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"R" <none[at]nowhere.com> wrote:

- quote -

First, this check is an advance on the 2003 Child TAX
Credit, not the Child CARE Credit. You received the check
because you claimed the CTC in 2002, and (as far as the IRS
knows) you are eligible to claim the CTC in 2003. Your ex
will claim the child in 2003, and will be eligible to claim
the full $1,000 CTC for this year.

The check is YOURS and does NOT have to shared with anyone.
It DOES NOT have to be returned to the IRS. Consider it a
gift (nontaxable).

YOU BOTH WIN, You get to keep the $400 and she gets the full
$1000 CTC for 2003. Is this a great country, or what?

This Advance CTC program is an obvioous political ploy to
keep the masses happy, and it would be too complicated (and
bad press) to ask for it back. Some situations, such as
yours, are merely a legal loophole in the rules.

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Help!

I am a divorced father with an 11 yr old son sharing
custody with his mother.

- Last year I claimed my son as a dependent.
- I received a $400 check from the IRS for the child care credit.
- Next year my ex is claiming our son.

My question is, who gets the check? Isn't it an advance for
tax year 2003? If so, do I have to sign the check over to
her and how will the IRS know I gave her the money?

Or, do I have to give the check back to the IRS?

Many many thanks in advance!!

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