Status of the Tax rate cut, and child tax credit

? ^ | 7-9-03 | self

[ImaGraftedBranch]

Do you know what the income requirements are (maximum upper to receive them)?

[So Cal Rocket]

Generally, you’re eligible if you claimed the child tax credit on your 2002 tax return and your qualifying child was born after 1986.

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.

For every $1,000 or portion thereof above these thresholds, the total credit amount is reduced by $50. Thus, in 2002 a taxpayer with two children (who would otherwise have a $1,200 credit) had the Child Tax Credit completely phase out if his/her AGI was more than $23,000 above the threshold. The higher per child credit amount for 2003 will mean that a taxpayer with two children will not have the $2,000 credit amount completely phase out unless his/her AGI is more than $39,000 above the threshold.

[doc30]

It's July 11, first pay period since July 1 and my employer hasn't changed withholding rates at all. Anyone else experience this? The payroll department doesn't open for another hour so I haven't called them yet. If my employer doesn't change withholding, who can I cantact to get this corrected. My employer is not a small company, it is a large multinational (French based, unfortuantely).

[Registered]

Bumping.

[SGCOS]

I claim one dependent on my tax return, and I received my $400.00 check yesterday.