Status of the Tax rate cut, and child tax credit

? ^ | 7-9-03 | self

[haole]

Can someone update me on the status of the Child Tax Rebates we were supposed to be getting starting this July? Also, the retroactive tax rate decrease ( to last Jan ), that was supposed tokick in?

[haole]

Did this get passed, and signed, or did the dim-mocrats stall this?

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[Prof Engineer]

ping

[newgeezer]

Passed and signed. Don't expect to receive a check, though. The tax credits and retro rate reduction will show up when you file at the end of the year.

[smadurski]

I thought we were getting checks for the child credit.

[Night Hides Not]

Don't fret--the tax cut was passed, and the new payroll tax tables are in effect as of 7/1. I handle payroll and accounting where I work, and I just received the updated software.

Regarding the pre-payment of the Child Tax credit, I copied this off the IRS web site:

Starting July 25, the checks will be issued to about 25 million eligible taxpayers. And you don’t have to call, apply or fill out another form. So, just sit back and wait for the check in the mail.

I just got back from vacation, which included a stop to visit our Congressman. When I thanked him for his vote in favor of the tax cut, he said there's more to come (i.e. next year).

[So Cal Rocket]

Rebates for the child tax credit are going to be mailed starting later this month... I think the checks will be mailed over the next 4 months.

[Steven W.]

poster is wrong or confused. The tax tables were already adjusted for witholding. My employer started paying at the lower rate in the middle of June. IRS required all employers to begin complying by July 1. The child tax credits start going out this month.

[Trust but Verify]

The tax rebate checks are going out in three batches starting Jult 25th. Here's how it goes: Taxpayers' SS #

Ends in 00-33 Mail date July 25th

Ends in 34-66 Mail date August 1

Ends in 67-99 Mail date August 8.

[Trust but Verify]

My husband's pay check, received on July 5th, was $30 more due to the reduction in the tax tables.

[Trust but Verify]

Incorrect. See post #9.

[ItsOurTimeNow]

As was mine. I stand to gain about $500 extra per year thanks to Bush's tax cut.

Thank you GWB, for giving me back more of my own money!

[newgeezer]

You are correct. My bad (as was my source, too).

[Cicero]

Wouldn't you know it. I'm in batch #3.

[DadOfFive]

DadOfFIve, last two SSN = 18.
How lucky can I get?
Seriously, should I expect $2K?

[So Cal Rocket]

I believe you will receive $2,000 if you have 5 kids, all of dependant age, and if you meet certain income requirements (can't make too much, can't make too little).

Coincidently, the maximum you can give to the Reelect Bush/Cheney in '04 Campaign is $2,000.

[Trust but Verify]

When you file your taxes, are you able to claim the credit for all 5 or at some point does your net tax get to zero? Also, if your income is above a certain amount, the credit phases out.

Congratulations on your brood and good luck!

[Trust but Verify]

Well, at least you made one of the batches. Mine are still living at home, still dependents, but too old to receive the credits.

If it makes you feel any better, if I qualified, I'd be in the third batch as well ;)

[DadOfFive]

Looks like I will be "stimulating" the economy BIG TIME !
Hmmm, do I let Mrs.DadOfFive (aka MomOfFive) know?

[TN4Liberty]

Anyone know the answer to this? If someone has a dependent child under 17 that does not live with them, will they receive a rebate?