Harlan Lunsford wrote:

- quote -

The refund would be to late to impact on the economy before
the election. I remember a, 60ties, presidential advisor who
when asked if the economy would be in a growth mode
responded of course the year is a presidential election
year.

My gosh an honest politician!

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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Harlan Lunsford <hlunsford[at]bellsouth.net> writes:

- quote -

Please do NOT tell her to write to Congress.

Phil Marti
Topeka, KS

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all of Phil's message snipped for clarity.

Speaking of subject, I had a call from a client (wife) the
other day asking if it were true that the government was not
going to send the child tax credit this year like they did
last August? And if so, why did they cut it out? (She
really needs that extra 1200$ for back to school expenses.)

ChEAr$,
Harlan Lunsford

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"jeff" <jeff[at]somewhere.net> wrote:

- quote -

I assume you have two children under age 17. If that's
correct, your 2002 child tax credit (CTC) should be $1,200.
As a credit, the $1,200 CTC is subtracted from the tax you
looked up in the tax table to arrive at your net tax
liability. If your refund is $2,000, that generally means
that your total withholding exceeds your tax liability by
$2,000.

Example:

Tax Table Tax $8,000
CTC < 1,200 Net tax liability $6,800

Total Withholding $8,800

Refund $2,000

- quote -

No. Had you filed your 2002 return when it was due, you
would have received an advance child tax credit (ACTC) check
for $800 ($400 per child) during the summer or early fall of
2003. Since you did not get an ACTC check in 2003, your
2003 CTC is $2,000 ($1,000 per child).

Barney Byrd

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"jeff" <jeff[at]somewhere.net> wrote:

- quote -

Block will look at your 2002 tax return w/o charge. If an
amended return is necessary, the fee is quite small. They
can also do your 2003 return for a little bit more.

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philmarti[at]aol.com (Phil Marti) writes:

- quote -

I couldn't possibly have typed that! Gremlins are at work.
I promise, I know the difference between "its" and "it's"

Phil Marti
Topeka, KS

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"jeff" <jeff[at]somewhere.net> writes:

- quote -

I'm going to assume here that you're talking about the child
tax credit (as in your subject line) rather than the child
care credit, since the 2002 child tax credit was $600 per
eligible child.

- quote -

Look at the return. The $1,200 reduced your tax, which
increased your refund. It's effect is included in your
$2,000 refund.

- quote -

Already answered.

I think you're confused between the child tax credit, which
has been around several years and shows no sign of going
away, and the ADVANCE child tax credit, which was a (we
hope) one-time event in 2003.

- quote -

I have no idea where you were planning on putting it on your
2003 return, but it doesn't go anywhere on your 2003 return.
When you compute your 2003 child tax credit the worksheet
will ask you how much of an advance payment you got. You got
nothing since you hadn't filed a 2002 return. Thus, you'll
get the full $1,000 per child on 2003.

Phil Marti
Topeka, KS

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Hi,

I filed my 2002 taxes in 2004, instead of 2003. I knew i was
due for a refund so I put it off.

Anyhow...my refund was $2,000.

I also noticed that on line 50 of my 2002 fed return that i
had a Child care credit of $1,200.

Is that $1,200 separate from my refund and should i be
expecting it since I filed the 2002 fed return in April of
this year?

OR

Since my REFUND was greater than this one time $1,200
Credit, I will not see it.

Also, I am now doing my 2003 taxes (again, a hefty refund is
due) do i have to mention the $1,200 anywhere?.

I'm not sure if I should put ZERO or $1,200 down.

Thanks in advance,
jeff
I

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